Fulton Market Office Space: 2026 Market Guide for Tenants

Data as of October 2026 | Last updated October 15, 2026

Fulton Market and the Near West Side are the newest office district in Chicago: converted meatpacking and warehouse lofts and new Class A towers west of the Kennedy Expressway, surrounded by restaurants, hotels and apartments. Demand is strong, but recent deliveries and sublease space give tenants more options than the headline vacancy suggests. Fulton Market is one of seven submarkets in the Chicago CBD office market. Tenant Advisors, Inc. represents only tenants, at no cost to tenants. Call (847) 778-0296.

Key Takeaways

• Vacancy is 15.4%, the lowest in the Chicago CBD, across about 12.7 million SF.
• The submarket absorbed about 349,000 SF over the past year as new buildings leased up.
• About 610,000 SF of sublease space is available, the highest share of inventory downtown.
• Nothing is under construction, but about 2.6 million SF is proposed.
• Class A asks the highest rents downtown.

Fulton Market Office Market Facts and Figures

Tenant Advisors tracks office buildings in Fulton Market and the Near West Side, west of the Kennedy Expressway from about Grand Avenue south to the Eisenhower Expressway, centered on Fulton Market and Randolph Street and extending west toward Ashland Avenue.

Metric	Fulton Market
Total inventory	About 12.7 million SF
Class A share of inventory	About 48%
Vacancy rate	15.4% (15.9% one year ago)
Availability rate	19.7%
Net absorption, trailing 12 months	+349,000 SF
Class A asking rent	$58–$66/SF gross
Class B asking rent	$32–$38/SF gross
Free rent	About 1 month per lease year
Tenant improvement allowance	$6–$8/SF per lease year ($60–$80/SF on a 10-year lease); none on spec suites
Sublease space available	About 610,000 SF, about 4.8% of inventory
Under construction	None
Proposed	About 2.6 million SF, including a proposed 35-story, 1.4 million SF tower at 1150 W. Carroll Ave.

Figures reflect Tenant Advisors’ market tracking of Fulton Market office buildings, October 2026. Rents and concessions are Tenant Advisors’ tracked-transaction ranges, quoted full-service gross. Data is updated quarterly.

Is Fulton Market Office Space Filling Up or Emptying Out?

Filling up. Fulton Market absorbed about 349,000 SF over the past year, keeping pace with about 340,000 SF of new buildings, and vacancy eased from 15.9% to 15.4%. 919 On Fulton, completed in January 2026, accounted for about 170,000 SF of that gain on its own. With nothing under construction, vacancy is expected to keep drifting lower.

Where Do Tenants Have the Most Leverage in Fulton Market?

Building class	Inventory	Vacancy	Availability	Asking rent, gross
Class A	6.1M SF	15.7%	21.6%	$58–$66
Class B	4.6M SF	16.3%	18.9%	$32–$38
Older, smaller buildings	2.0M SF	12.5%	15.5%	Below Class B

The best leverage is in buildings still leasing up and in sublease space. 919 On Fulton (56.2% vacant), Fulton Labs at 400 N. Aberdeen (48.7%) and 1045 On Fulton (43.4%) have big blocks of new space. About 610,000 SF of sublease space, much of it in newer buildings, lets tenants get a Fulton Market address below direct rents. Established buildings such as 333 N. Green and 800 W. Fulton are nearly full.

What Are the Most Active Office Buildings in Fulton Market?

Building	Address	Size (SF)	Vacancy	12-mo net absorption (SF)
919 On Fulton	919 W. Fulton Market	369,007	56.2%	+169,572
800 W. Fulton	800 W. Fulton St.	472,000	4.9%	+44,060
333 N. Green	333 N. Green St.	553,443	4.4%	+39,909
360 N. Green	360 N. Green St.	500,000	23.0%	+37,458
1045 On Fulton	1045 W. Fulton Market	135,751	43.4%	+31,138
320 N. Sangamon	320 N. Sangamon St.	270,000	19.7%	+26,927
Fulton Labs	400 N. Aberdeen St.	423,460	48.7%	0
210 North Carpenter	210 N. Carpenter St.	208,202	3.1%	-11,080
167 N. Green	167 N. Green St.	674,448	22.7%	-28,477

Most active Class A buildings by leasing over the past 12 months. Tenant Advisors market tracking, October 2026.

Where tenants have less leverage

333 N. Green (4.4% vacant), 800 W. Fulton (4.9%) and 210 N. Carpenter (3.1%) are close to full. Landlords there concede little.

Where tenants have the most room

919 On Fulton (56.2% vacant), Fulton Labs (48.7%) and 1045 On Fulton (43.4%) are leasing up new space. 167 N. Green (22.7%) has large blocks, including sublease floors.

Active Class B buildings

Building	Address	Size (SF)	Vacancy	12-mo net absorption (SF)
954 W. Washington	954 W. Washington Blvd.	147,350	22.7%	+13,904
212 N. Peoria	212 N. Peoria St.	101,982	74.6%	+16,778
The Rice Building	815 W. Van Buren St.	72,704	22.0%	+4,343
1550 W. Carroll	1550 W. Carroll Ave.	86,765	20.8%	-17,392
850 W. Jackson	850 W. Jackson Blvd.	115,700	42.1%	-35,501

Is Anything New Being Built in Fulton Market?

Not right now, but a lot is planned. 919 On Fulton (about 369,000 SF) was completed in January 2026 and 212 N. Peoria (about 102,000 SF) in October 2025. Nothing is under construction today, but about 2.6 million SF is proposed, led by a 35-story, 1.4 million SF tower at 1150 W. Carroll Ave., a 30-story, 675,000 SF building at 357 N. Green St., and a 14-story, 495,000 SF building at 1200 W. Carroll Ave. Most would not deliver before 2028.

How Do Building Sales Affect Fulton Market Lease Deals?

Fulton Market buildings still sell at much higher prices than the Loop, about $240/SF on average. Twelve01West at 1201 W. Lake sold for $40 million (about $274/SF) in June 2026, 315 N. Racine for $27.5 million (about $292/SF) and 1020 W. Randolph for about $18 million (about $565/SF). Because owners here paid more, they have less room to cut rent, so tenants usually win on free rent and improvement allowances rather than face rate.

Is There Sublease Office Space in Fulton Market?

Yes, more than anywhere else downtown as a share of the market. About 610,000 SF of sublease space is available, about 4.8% of inventory, including full floors in newer buildings such as 167 N. Green. Sublease space usually comes built out and often furnished, and it typically prices below direct space. The remaining term is the main thing to check. See our Chicago office sublease guide.

How Much Free Rent and TI Can a Fulton Market Tenant Get?

Free rent runs about 1 month per year of lease term, or about 10 months on a 10-year lease. Tenant improvement allowances run $6 to $8/SF per lease year, or $60 to $80/SF on a 10-year lease. Spec suites are delivered built and carry no allowance. For example, take a 12,000 SF Class A office at $62/SF gross on a 10-year lease. Rent is about $62,000 a month, so 10 months free is worth about $620,000. The improvement allowance adds $720,000 to $960,000 toward build-out. Together, that is about $1,340,000 to $1,580,000 in landlord-funded value on one lease.

Should You Renew or Relocate in Fulton Market?

Price both before you renew. With Fulton Market vacancy at 15.4%, your landlord knows what a move would cost you, and a credible relocation search is what moves the renewal offer. Start 12 to 18 months before your lease expires, or 18 to 24 months for 25,000 SF and up. See our office lease renewal negotiation and renewal vs. relocation analysis services.

What Should Tenants Negotiate on a Fulton Market Office Lease in 2026?

• Rent: target the effective rent after concessions, not the asking rate. Buildings with the most vacancy leave the most room.
• Free rent: about 1 month per year of lease term, or about 10 months on a 10-year lease.
• Tenant improvement allowance: $6 to $8/SF per lease year, or $60 to $80/SF on a 10-year lease, except in spec suites. Get build-out pricing before you negotiate this number.
• Operating expense caps: 4% to 6% annually on controllable expenses.
• Flexibility: expansion, contraction and sublease rights, negotiated upfront.
• Landlord basis: in buildings that recently sold at a discount, push harder on rent and allowances.

Why Do Companies Lease Office Space in Fulton Market?

Fulton Market draws technology, media, consumer brands and professional services firms that want new, amenity-rich buildings in a neighborhood with restaurants, hotels and housing. It is served by the CTA Green and Pink lines at Morgan Street, is a short walk to Ogilvie and Union Station, and sits next to the Kennedy and Eisenhower expressways. Companies comparing locations often look at West Loop, River North and Central Loop as well. Our relocation and site selection service runs that comparison.

Frequently Asked Questions

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About the authors: Tom Koelzer (Co-Founder & Managing Partner, LinkedIn) and Dave Ven Horst (Co-Founder & Managing Broker, LinkedIn) founded Tenant Advisors, Inc. in 2004. Tom has worked in Chicago office leasing since 1986 and Dave since 1985, and the firm has negotiated more than 2,000 office leases, representing tenants only. Benchmark your Fulton Market lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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