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

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

Net absorption was +24,900 SF over the past 12 months, available space takes 40 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Bannockburn and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Bannockburn is the best leverage market on the North Shore right now. Eight buildings, more than half the space available, and two of the Bannockburn Lakes buildings under 40% leased.

Tom Koelzer, Co-Founder and Managing Partner, Tenant Advisors

Key Takeaways

• Vacancy is 38.7%, down 2.9 points in a year, across 862,000 SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 53.2%.
• Net absorption was +24,900 SF over the past 12 months; about 91,600 SF was leased.
• Most available space in one building: ~87,000 SF (Bannockburn Lakes II, 2345 Waukegan Rd., about 16% leased).

Bannockburn Office Market Facts and Figures

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

Metric	Bannockburn
Tracked buildings	8
Total inventory	862,000 SF
Vacancy rate	38.7% (41.6% one year ago)
Availability rate	53.2%
Net absorption, trailing 12 months	+24,900 SF
Space leased, trailing 12 months	91,600 SF
Class A asking rent	$36–$44/SF gross
Class B asking rent	$24–$32/SF gross
Free rent	1–2 months per lease year
Tenant improvement allowance	$35–$65/SF for full build-outs, 5+ year terms
Average months on market	40.1
Lease renewal rate, past 24 months	23%
Sublease space available	27,400 SF
New construction	None
Most available space in one building	~87,000 SF (Bannockburn Lakes II, 2345 Waukegan Rd., about 16% leased)

Figures reflect Tenant Advisors’ market tracking of multi-tenant office buildings 5,000 SF and larger in Bannockburn. 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 Bannockburn?

A 5,000 SF office in Bannockburn costs about $15,000 to $18,350 a month in a Class A building and about $10,000 to $13,350 a month in Class B, before free rent. Those figures use Tenant Advisors’ tracked gross rents of $36 to $44/SF in Class A and $24 to $32/SF in Class B.

Office size	Class A, monthly ($36–$44/SF)	Class B, monthly ($24–$32/SF)
2,000 SF	$6,000–$7,350	$4,000–$5,350
5,000 SF	$15,000–$18,350	$10,000–$13,350
10,000 SF	$30,000–$36,650	$20,000–$26,650

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 Bannockburn Office Space Filling Up or Emptying Out?

Improving slightly. Bannockburn added about 24,900 SF of occupied space over the past year and vacancy fell from 41.6% to 38.7%. Tenants leased about 91,600 SF. Even so, more than half of Bannockburn’s office space, 53.2%, is available, and space takes about 40 months on average to lease.

What Are the Notable Office Buildings in Bannockburn?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
Bannockburn Corporate Center	3000 Lakeside Dr.	206,143	2001	A	76%	59,444
Bannockburn Atrium	2275 Half Day Rd.	131,329	1978	A	67%	73,080
Bannockburn Lakes IV	2201 Waukegan Rd.	122,500	1987	B	71%	52,435
Corporate North @ 2801 Lakeside	2801 Lakeside Dr.	108,524	1985	B	79%	22,650
Bannockburn Lakes I	2333 Waukegan Rd.	104,516	1987	B	35%	77,913
Bannockburn Lakes II	2345 Waukegan Rd.	104,214	1985	B	16%	87,294
Bannockburn Professional Center	2101 Waukegan Rd.	44,063	1999	B	94%	20,328
Bannockburn Office Court	2201-2231 Lakeside Dr.	40,389	1981	B	85%	6,990

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

Bannockburn Lakes, Waukegan Road

Bannockburn Lakes I, II and IV total about 331,000 SF, built 1985 to 1987, and are about 43% leased with about 218,000 SF available. Bannockburn Lakes II is about 16% leased and Bannockburn Lakes I about 35% leased. This is where the deepest concessions are.

Lakeside Drive

Bannockburn Corporate Center (3000 Lakeside Dr., 206,000 SF), Corporate North at 2801 Lakeside Drive and Bannockburn Office Court total about 355,000 SF and are about 78% leased.

Bannockburn Atrium

2275 Half Day Road (131,000 SF, Class A) is about 67% leased with about 73,000 SF available, close to the I-94 interchange.

Which Bannockburn 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	Bannockburn Office Court, Bannockburn Professional Center	Smaller buildings that suit small suites
5,000–20,000 SF	Corporate North @ 2801 Lakeside, Bannockburn Corporate Center	Partial floors in Class A and B buildings
20,000 SF and up	Bannockburn Lakes II, Bannockburn Lakes I, Bannockburn Atrium	The largest blocks in Bannockburn, each with 73,000 to 87,000 SF available

Is There Sublease Office Space in Bannockburn?

Yes. About 27,400 SF of sublease space is available in Bannockburn. Sublease space usually comes built out and often furnished, with a shorter remaining term, and it typically prices below direct space. The remaining term is the main thing to check.

How Does Bannockburn Compare With Other North Suburbs Cities?

City	Vacancy	Year ago	12-mo net absorption (SF)	Inventory	Sublease SF	Asking rent, gross
Deerfield	34.5%	24.1%	-310,000	3.0M SF	201,000	A $36–$44; B $24–$32
Northbrook	20.0%	20.8%	+21,300	2.7M SF	171,000	A $36–$44; B $24–$32
Lincolnshire	62.4%	59.6%	-62,600	2.3M SF	104,000	A $36–$44; B $24–$32
Skokie	34.0%	35.3%	+28,900	2.2M SF	82,200	A $36–$44; B $24–$32
Evanston	23.6%	21.7%	-33,700	1.8M SF	10,800	A $36–$44; B $24–$32
Libertyville	36.3%	33.3%	-41,800	1.4M SF	38,700	A $36–$44; B $24–$32
Buffalo Grove	37.2%	40.6%	+45,700	1.4M SF	39,500	A $36–$44; B $24–$32
Lake Forest	29.7%	26.3%	-38,000	1.1M SF	106,000	A $36–$44; B $24–$32
Bannockburn	38.7%	41.6%	+24,900	862,000 SF	27,400	A $36–$44; B $24–$32
Vernon Hills	38.0%	34.5%	-25,400	732,000 SF	0	A $36–$44; B $24–$32
Highland Park	13.6%	14.7%	+7,100	639,000 SF	3,400	A $36–$44; B $24–$32
Glenview	23.1%	23.0%	-600	521,000 SF	0	A $36–$44; B $24–$32
Northfield	26.5%	31.3%	+17,800	369,000 SF	0	A $36–$44; B $24–$32

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 Bannockburn?

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 27,400 SF of sublease space is available in Bannockburn.

	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 Bannockburn Right Now?

At Bannockburn Lakes and at renewal. Only about 23% of Bannockburn tenants with expiring leases renewed over the past two years. With 53% of the market available, landlords here are competing for every tenant. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Bannockburn Office Lease in 2026?

• Rent: target effective rent after concessions, not the asking rate.
• Free rent: 1 to 2 months per year of lease term, or 5 to 10 months on a 5-year lease.
• Tenant improvement allowance: $35–$65/SF for full build-outs on 5+ year terms. 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.

How Does Tenant Advisors Find and Tour Space in Bannockburn?

We build a shortlist from every building in Bannockburn 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 Bannockburn?

Bannockburn is a small office village at I-94 and Half Day Road (Route 22), built around wooded, campus-style buildings. The nearest Metra stations are in Deerfield and Lake Forest. Pharmaceutical, healthcare and financial services firms make up much of the tenant base. Companies comparing locations usually look at Deerfield, Lake Forest and Lincolnshire as well.

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 Bannockburn lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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