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

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

Net absorption was +45,700 SF over the past 12 months, available space takes 49 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Buffalo Grove and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Buffalo Grove space sits on the market about four years on average, the longest of any North Shore city we track. Landlords who have carried a vacancy that long negotiate very differently.

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

Key Takeaways

• Vacancy is 37.2%, down 3.4 points in a year, across 1.4 million SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 40.3%.
• Net absorption was +45,700 SF over the past 12 months; about 128,000 SF was leased.
• Most available space in one building: ~167,000 SF (Riverwalk I, 2150 E. Lake Cook Rd.).

Buffalo Grove Office Market Facts and Figures

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

Metric	Buffalo Grove
Tracked buildings	17
Total inventory	1.4 million SF
Vacancy rate	37.2% (40.6% one year ago)
Availability rate	40.3%
Net absorption, trailing 12 months	+45,700 SF
Space leased, trailing 12 months	128,000 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	48.9
Lease renewal rate, past 24 months	31%
Sublease space available	39,500 SF
New construction	None
Most available space in one building	~167,000 SF (Riverwalk I, 2150 E. Lake Cook Rd.)

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

A 5,000 SF office in Buffalo Grove 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 Buffalo Grove Office Space Filling Up or Emptying Out?

Filling up. Buffalo Grove added about 45,700 SF of occupied space over the past year after losing about 26,700 SF the year before, and vacancy fell from 40.6% to 37.2%. Tenants leased about 128,000 SF. Even so, available space sits on the market about 49 months on average, the longest of any North Suburbs city Tenant Advisors tracks.

What Are the Notable Office Buildings in Buffalo Grove?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
Riverwalk II	2100 E. Lake Cook Rd.	258,995	1998	A	80%	75,122
Riverwalk I	2150 E. Lake Cook Rd.	253,363	1990	B	67%	167,237
485 E. Half Day Rd.	485 E. Half Day Rd.	144,151	2001	A	77%	33,433
1100 W. Lake Cook Rd.	1100 W. Lake Cook Rd.	96,731	1988	B	0%	75,073
750 W. Lake Cook Rd.	750 W. Lake Cook Rd.	95,025	1989	B	91%	13,379
Buffalo Grove Business Park I	1110 Lake Cook Rd.	69,280	1983	B	73%	23,308
American Enterprise Bank	600 N. Buffalo Grove Rd.	66,924	1997	B	74%	17,176
Buffalo Grove Business Park V	1130 W. Lake Cook Rd.	66,842	1986	B	66%	23,593
1450 Busch Pkwy.	1450 Busch Pkwy.	64,860	2009	B	89%	12,822
975 Weiland Rd.	975 Weiland Rd.	48,186	1999	B	74%	12,616

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

Riverwalk, Lake Cook Road

Riverwalk I and II at 2150 and 2100 E. Lake Cook Road total about 512,000 SF, built 1990 and 1998, with about 242,000 SF available. Riverwalk I is about 67% leased with about 167,000 SF available, the largest block in town.

Buffalo Grove Business Park and W. Lake Cook Road

Six older buildings along W. Lake Cook Road and N. Arlington Heights Road total about 322,000 SF and are only about 44% leased. 1100 W. Lake Cook Road (97,000 SF) is fully vacant. Expect the deepest concessions here.

Where tenants have less leverage

750 W. Lake Cook Road and 1450 Busch Parkway are about 89% to 91% leased, and 485 E. Half Day Road, the town’s newest Class A building (2001), is about 77% leased.

Which Buffalo Grove 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	975 Weiland Rd., 1450 Busch Pkwy., 750 W. Lake Cook Rd.	Well-leased buildings with small suites
5,000–20,000 SF	Buffalo Grove Business Park I and V, American Enterprise Bank	Partial floors with 17,000 to 24,000 SF available
20,000 SF and up	Riverwalk I and II, 1100 W. Lake Cook Rd.	The largest blocks in Buffalo Grove; Riverwalk I alone has about 167,000 SF available

Is There Sublease Office Space in Buffalo Grove?

Yes. About 39,500 SF of sublease space is available in Buffalo Grove. 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 Buffalo Grove 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 Buffalo Grove?

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 39,500 SF of sublease space is available in Buffalo Grove.

	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 Buffalo Grove Right Now?

Everywhere, but most in the W. Lake Cook Road business park buildings. Only about 31% of Buffalo Grove tenants with expiring leases renewed over the past two years, and with 49 months of average marketing time, landlords would rather cut a deal than carry space another year. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Buffalo Grove 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 Buffalo Grove?

We build a shortlist from every building in Buffalo Grove 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 Buffalo Grove?

Buffalo Grove straddles the Lake and Cook County line on Lake Cook Road, Route 83 and Route 22, with Metra North Central Service at the Buffalo Grove and Prairie View stations and I-94 a few minutes east. The office base is technology, healthcare, financial services and corporate offices. Companies comparing locations usually look at Lincolnshire, Vernon Hills and Wheeling 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 Buffalo Grove lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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