MARKET AREA
Chicago CBD Office Market
Updated October 2026 · Tenant Advisors market tracking, Q3 2026
Chicago CBD office vacancy is about 21.4% as of Q3 2026, highest in the Central and East Loop at 24% to 26%. Class A space asks $65 to $95 per SF gross and Class B $32 to $45. Tenants typically negotiate 1 to 2 months of free rent per year of lease term. The deepest concessions are in older Loop towers and sublease blocks.
21.4%
Vacancy Rate
$38.67
Avg Asking Rent / SF
23.9%
Availability Rate
205M
SF Inventory
THE SUBMARKET
The Midwest’s largest office market — and, for the right tenant, one of its most negotiable.
Chicago’s central business district spans the Loop, West Loop, Fulton Market/Near West Side, River North, and North Michigan Avenue — served by every CTA line, Metra at Union and Ogilvie stations, and walkable access to dining, hotels, and transit. Demand has concentrated in newer, amenitized trophy assets, where West Loop and Fulton Market rents push past $60/SF. But across the broader downtown, vacancy near 21% and negative net absorption mean landlords of everything outside the very top tier are competing hard — opening the door to aggressive concessions for tenants who run a disciplined process.
West Loop
155 N Wacker Drive
West Loop · Built 2010 · 1,152,953 SF
96.5%
$41–44
90–41,292
A 46-story trophy tower on Wacker overlooking the river, steps from Ogilvie and Union and three Loop CTA stations (a perfect 100 transit and walk score). Eleven suites are open from 90 SF up to 41,292 SF at a $41–44 NNN ask — institutional-quality space alongside tenants like EY and the American Hospital Association. With the building 96.5% leased, leverage here is narrower, but smaller blocks still trade on concessions in this market.
200 W Madison Street
West Loop · Built 1982 / Renov. 2016 · 1,082,400 SF
86.6%
$47
1,731–179K
A 45-story LaSalle/Madison tower, renovated in 2016, with fitness, conferencing, and bike storage. With 21 suites and roughly 179,000 SF available — including an 84,910 SF contiguous block — this is one of the deepest blocks of space in the core Loop. Rents are quoted on request, which in a market this soft signals real room to negotiate, particularly for a larger requirement. Ownership is institutional (BGO).
West Loop
Fulton Market
167 N Green Street
Fulton Market / Near West · Built 2020 · 638,794 SF
95.9%
93,710
SF Max Contiguous
1,000–262K
A 2020-built, 17-story Fulton Market building with a roof terrace, fitness, and big 46,855 SF floorplates, anchored by CCC Intelligent Solutions. Despite 95.9% leased, two full sublet floors run through May 2034 — a 93,710 SF contiguous block of newer, trophy-grade space at a discount to direct asking. For a tenant wanting the Fulton Market address without trophy direct pricing, sublet space like this is the play.
Market Conditions
Blended CBD vacancy sits near 21.4% — elevated and bifurcated. The Loop submarkets (Central, East) run highest at 24–26%, while newer nodes like Fulton Market and Near North sit in the 12–17% range. The downtown core absorbed roughly −670,000 SF over the trailing year, with demand losses concentrated in older, lower-tier buildings.
Blended asking rents average about $38.67/SF, but the spread is wide: West Loop and Fulton Market trophy space pushes past $60/SF, while commodity Loop space trades far lower. Obsolete inventory is being removed through conversion and demolition rather than replaced — new construction is minimal — which is gradually tightening supply even as demand stays soft.
WHAT THIS MEANS FOR YOU
Downtown is a tenant’s market everywhere except the very top of the trophy tier. High vacancy, negative absorption, and a glut of sublet space mean landlords of Class A− and B product need deals — and that means leverage on face rate, free rent, and tenant improvement dollars.
The deepest concessions sit in half-leased Loop towers and in newer sublet blocks like 167 N Green. A tenant who benchmarks the full downtown, weighs direct against sublet, and runs a competitive process can lock in trophy-adjacent space at well-below-trophy economics. That’s the entire job we do — and we only ever do it for the tenant.
SUBMARKETS WE COVER
Downtown Chicago Office Submarkets
Frequently Asked Questions About Downtown Chicago Office Space
What is the office vacancy rate in downtown Chicago?
Blended vacancy in the Chicago CBD is about 21.4% as of Q3 2026. The Central and East Loop run highest at 24% to 26%, while Fulton Market and Near North sit in the 12% to 17% range.
How much does office space cost in downtown Chicago?
Asking rents average about $38.67 per SF across the CBD, but the spread is wide. Trophy space in the West Loop and Fulton Market asks more than $60 per SF, while older Loop buildings ask far less.
How much free rent can downtown Chicago office tenants get?
Tenants typically negotiate 1 to 2 months of free rent per year of lease term, or 5 to 10 months on a 5-year lease, plus tenant improvement allowances. The deepest concessions are in half-leased Loop towers and sublease blocks.
Is sublease space a good option downtown?
Often, yes. Newer buildings in Fulton Market and the West Loop have full floors available as subleases at a discount to direct asking rents, frequently already built out.
Who represents office tenants in downtown Chicago?
Tenant Advisors, Inc., founded in 2004 by Tom Koelzer and Dave Ven Horst, represents only office tenants in the Chicago CBD and suburbs. The firm never represents landlords, and tenants pay nothing for the service. Call (847) 778-0296.
Discuss Your Office Requirement in Downtown Chicago
Tell us your size, timing, and where your people live. A co-founder or an Executive Vice President will call within one business day with the buildings that fit and what landlords are conceding now.
- No cost to you; the landlord pays our fee
- We never share your information with landlords
- Monday to Friday, 8am to 6pm
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