Itasca, IL Office Space for Lease: 2026 Costs, Buildings and Rents

Data as of October 2026 | Last updated October 17, 2026

Net absorption was negative 103,000 SF over the past year, the largest loss of any Northwest Suburbs city, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Itasca and the Northwest Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Key Takeaways

• Vacancy is 25.4%, up 4.1 points in a year.
• Class A asks $24–$28/SF gross; Class B $19–$24/SF.
• Hamilton Lakes holds about 542,000 SF of the 747,000 SF available.
• About 43,300 SF of sublease space is available in two buildings.

Itasca Office Market Facts and Figures

Tenant Advisors tracks multi-tenant office buildings of 5,000 SF and larger in Itasca, the competitive set where most tenants of 3,000 to 50,000 SF lease space. Owner-occupied buildings are excluded.

Metric	Itasca
Tracked buildings	14
Total inventory	2.5 million SF
Vacancy rate	25.4% (21.3% one year ago)
Availability rate	30.2%
Net absorption, trailing 12 months	-103,000 SF
Space leased, trailing 12 months	121,000 SF
Class A asking rent	$24–$28/SF gross
Class B asking rent	$19–$24/SF gross
Free rent	1–1.5 months per lease year
Tenant improvement allowance	$6–$8/SF per lease year (Class A)
Average months on market	44.7
Lease renewal rate, past 24 months	37%
Sublease space available	43,300 SF
New construction	None
Most available space in one building	~257,000 SF (One Pierce Place)

Figures reflect Tenant Advisors’ market tracking of multi-tenant office buildings 5,000 SF and larger in Itasca. Rents and concessions are Tenant Advisors’ tracked-transaction ranges, quoted full-service gross. Data is updated quarterly.

What Does Office Space Cost Per Month in Itasca?

A 5,000 SF office in Itasca costs about $10,000 to $11,650 a month in a Class A building and about $7,900 to $10,000 a month in Class B, before free rent. Those figures use Tenant Advisors’ tracked gross rents of $24 to $28/SF in Class A and $19 to $24/SF in Class B.

Office size	Class A, monthly ($24–$28/SF)	Class B, monthly ($19–$24/SF)
2,000 SF	$4,000–$4,650	$3,150–$4,000
5,000 SF	$10,000–$11,650	$7,900–$10,000
10,000 SF	$20,000–$23,350	$15,850–$20,000

Monthly rent before free rent and improvement allowances. Gross rent generally includes real estate taxes and building operating expenses.

Gross rent is not always the whole bill. Ask each landlord about:

• In-suite electricity, which some buildings bill separately.
• Operating expense and tax increases over the base year, which a cap can limit.
• After-hours heating and cooling charges.
• Build-out costs above the improvement allowance, plus cabling, furniture and moving.

Is Itasca Office Space Filling Up or Emptying Out?

Emptying out. Itasca lost 103,000 SF of occupied space over the past year after losing 64,000 SF the year before, and vacancy rose 4.1 points. Tenants still leased 121,000 SF, but available space now sits on the market about 45 months on average.

What Are the Notable Office Buildings in Itasca?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
One Pierce Place	1 Pierce Pl.	525,422	1984	A	67%	257,254
Two Pierce Place	2 Pierce Pl.	493,990	1991	A	84%	76,577
500 Park Blvd.	500 Park Blvd.	450,614	1980	A	78%	99,886
300 Park Blvd.	300 Park Blvd.	222,320	1987	A	93%	15,855
150 E. Pierce Rd.	150 E. Pierce Rd.	184,549	2001	A	78%	41,219
900 N. Arlington Heights Rd.	900 N. Arlington Heights Rd.	105,318	1993	B	29%	74,267
333 Pierce Rd.	333 Pierce Rd.	101,711	1990	B	48%	53,362
555 W. Pierce Rd.	555 W. Pierce Rd.	96,814	1987	B	89%	44,785
450 E. Devon Ave.	450 E. Devon Ave.	91,086	1986	B	86%	31,181
Spring Lake Executive Campus (3 buildings)	Spring Lake Dr. and W. Hawthorn Dr.	122,259	1988–1996	B	82%	42,073

Available SF includes direct and sublease space, including space coming available. Tenant Advisors market tracking, October 2026.

Hamilton Lakes

The master-planned business park at I-290 and Route 390, with lakes, structured parking and an on-site hotel for client stays and events. Its seven multi-tenant buildings, including One and Two Pierce Place and 300 and 500 Park Boulevard, total about 1.95 million SF and are about 78% leased, with roughly 542,000 SF available.

One Pierce Place

About 525,000 SF of Class A space, about 67% leased, with roughly 257,000 SF available, the largest block in Itasca. It also has a 39,600 SF sublease.

Two Pierce Place and 300 Park Boulevard

The best-leased large buildings in Itasca, at about 85% and 93%. Useful benchmarks against their emptier neighbors.

900 N. Arlington Heights Road

About 105,000 SF and only about 29% leased, with about 74,000 SF available. A strong candidate for aggressive concessions.

Which Itasca Buildings Fit Small and Large Tenants?

Small tenants do best in buildings with suites already built out, while companies needing a full floor or more should start with the buildings carrying the largest vacant blocks. Use this as a starting list; actual suites change month to month.

Space needed	Where to start looking	Why
Under 5,000 SF	300 Park Blvd., 450 E. Devon Ave., Spring Lake Executive Campus	Well-leased buildings with small suites and steady landlords
5,000–20,000 SF	150 E. Pierce Rd., 555 W. Pierce Rd., 333 Pierce Rd.	Partial floors in Class A and B buildings with space to fill
20,000 SF and up	One Pierce Place, 500 Park Blvd., Two Pierce Place, 900 N. Arlington Heights Rd.	The largest blocks in Itasca; One Pierce Place alone has about 257,000 SF available

Is There Sublease Office Space in Itasca?

Yes. About 43,300 SF of sublease space is available in two Itasca buildings. Most of it is a single occupied block at One Pierce Place; about 3,700 SF is vacant now.

Building	Address	Sublease SF	Vacant now
One Pierce Place	1 Pierce Pl.	39,600	No, occupied
650 E. Devon Ave.	650 E. Devon Ave.	3,700	Yes

Sublease space usually comes built out and often furnished, with a shorter remaining term. It typically prices below direct space. The remaining term is the main thing to check.

How Does Itasca Compare With Other Northwest Suburbs Cities?

City	Vacancy	Year ago	12-mo net absorption (SF)	Inventory	Sublease SF	Asking rent, gross
Schaumburg	33.1%	34.4%	+109,900	8.6M SF	134,400	A $34–$38; B $20–$24
Hoffman Estates	42.8%	43.9%	+36,100	3.2M SF	99,900	A $34–$38; B $19–$24
Arlington Heights	40.9%	37.8%	-53,100	1.8M SF	4,600	A ~$26; B ~$19
Rolling Meadows	41.2%	36.9%	-92,000	2.1M SF	0	A ~$30; B ~$19
Palatine	22.9%	21.6%	-7,800	589,000 SF	0	~$19.50 average
Barrington	66.0%	65.0%	-6,300	665,000 SF	0	A ~$30; B ~$18
Elgin	38.6%	38.1%	-12,700	2.1M SF	3,600	A ~$26; B ~$20
Itasca	25.4%	21.3%	-103,000	2.5M SF	43,300	A $24–$28; B $19–$24

Tenant Advisors market tracking, multi-tenant office buildings 5,000 SF and larger, October 2026. Rents are Tenant Advisors’ tracked-transaction figures per SF per year.

Should You Lease, Sublease or Use Coworking in Itasca?

Lease direct if you need space for three years or more, sublease if you want built-out space at a discount and the remaining term fits, and use coworking only for small teams that need flexibility for a year or less. About 43,300 SF of sublease space is available in Itasca, mostly one occupied block at One Pierce Place.

	Direct lease	Sublease	Coworking
Typical term	3 to 10 years	Whatever remains on the original lease	Month to month up to 1–2 years
Cost	Market rent, with free rent and an improvement allowance	Usually below direct rent	Priced per desk or office; usually the highest cost per SF
Build-out	Custom, funded largely by the landlord	As-is, often furnished	Ready to use
Watch out for	Committing to more space than you need	Landlord consent and the short remaining term	Rate increases at renewal and limited privacy

Where Is the Leverage in Itasca Right Now?

In Hamilton Lakes and at renewal. Itasca lost more occupied space than any other Northwest Suburbs city over the past year, and space now averages about 45 months on the market. Only about 37% of tenants with expiring leases renewed over the past two years. Itasca also competes with Schaumburg and the O’Hare market for the same tenants, and Itasca Class A already prices below Schaumburg Class A.

What Should Tenants Negotiate on an Itasca Office Lease in 2026?

• Rent: with space averaging about 45 months on the market, first proposals leave room. Target effective rent after concessions, not the asking rate.
• Free rent: 1 to 1.5 months per year of lease term, or 5 to 7.5 months on a 5-year lease.
• Tenant improvement allowance: $6 to $8/SF per year of lease term in Class A ($30 to $40/SF on a 5-year lease) and about $3 to $6/SF per year in Class B. 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.
• Parking: included in rent for the full term with no separate escalation.

Client Example: A 4,500 SF Class A Suite in Itasca

A 4,500 SF office tenant needed new space in Itasca. Tenant Advisors negotiated a fully built-out suite in a Class A building at $25.50/SF gross on a 5-year, 7-month term, with 7 months of free rent, about 1.25 months per year of term, on top of the full build-out.

How Does Tenant Advisors Find and Tour Space in Itasca?

We build a shortlist from every building in Itasca that fits your size, budget and timing, tour the best options in one block, and negotiate with several landlords at once. The landlord pays our fee, so there is no cost to tenants.

1. Requirements call: size, budget, move date and must-haves.
2. Building survey: every option that fits, including sublease space, with rents and availability.
3. Tours: your top choices scheduled back to back.
4. Competing proposals: requests to three or more landlords, compared side by side on net effective cost.
5. Negotiation and lease review alongside your attorney through signing and move-in.

Why Do Companies Lease Office Space in Itasca?

Itasca offers the I-290, I-355 and Route 390 interchange, about 15 minutes to O’Hare, a Metra Milwaukee District West station and campus-quality Class A space with an on-site hotel, at DuPage County rents. Insurance and financial services firms, associations, healthcare users and companies hosting fly-in clients make up most of the tenant base. For the full market picture, see our Northwest Suburbs office market page.

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. Both have worked in Chicago office leasing since 1986, and the firm has negotiated more than 2,000 office leases, representing tenants only. Benchmark your Itasca lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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