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

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

Net absorption was -310,000 SF over the past 12 months, available space takes 26 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Deerfield and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Deerfield went from one of the tighter North Shore markets to one of the loosest in a single year. With vacancy up more than ten points, any tenant renewing here without a competing proposal is leaving money on the table.

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

Key Takeaways

• Vacancy is 34.5%, up 10.4 points in a year, across 3.0 million SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 43.8%.
• Net absorption was -310,000 SF over the past 12 months; about 178,000 SF was leased.
• Most available space in one building: ~271,000 SF (One Parkway North, 1 Parkway Blvd. N., about 1% leased).

Deerfield Office Market Facts and Figures

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

Metric	Deerfield
Tracked buildings	22
Total inventory	3.0 million SF
Vacancy rate	34.5% (24.1% one year ago)
Availability rate	43.8%
Net absorption, trailing 12 months	-310,000 SF
Space leased, trailing 12 months	178,000 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	25.9
Lease renewal rate, past 24 months	36%
Sublease space available	201,000 SF
New construction	None
Most available space in one building	~271,000 SF (One Parkway North, 1 Parkway Blvd. N., about 1% leased)

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

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

Emptying out, fast. Deerfield gave back about 310,000 SF of occupied space over the past year, more than 10% of its inventory, and vacancy jumped from 24.1% to 34.5%, the biggest one-year swing of any North Suburbs city Tenant Advisors tracks. Tenants still leased about 178,000 SF, and available space takes about 26 months on average to lease. Nothing new is under construction.

What Are the Notable Office Buildings in Deerfield?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
One Parkway North	1 Parkway Blvd. N.	274,006	1986	B	1%	271,178
Three Parkway North	3 Parkway Blvd. N.	258,350	1989	B	89%	35,412
ArborLake Centre	1751 Lake Cook Rd.	247,367	1989	A	41%	145,614
1 Horizon Way	1 Horizon Way	220,000	2006	A	100%	175,408
Corporate 540	540 Lake Cook Rd.	193,299	1989	B	83%	50,424
Corporate 520	520 Lake Cook Rd.	182,500	1990	B	58%	76,440
Four Parkway North	4 Parkway Blvd. N.	176,185	1998	B	0%	176,185
Nine Parkway North	9 Parkway Blvd. N.	160,000	2002	A	74%	41,213
Corporate 500	500 Lake Cook Rd.	158,096	1986	B	99%	61,644
1717 Deerfield Rd.	1717 Deerfield Rd.	147,096	1986	B	33%	98,619

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

Parkway North, Parkway Blvd. N.

Six buildings totaling about 1.07 million SF, built 1986 to 2002, roughly 49% leased with about 561,000 SF available. One Parkway North (274,000 SF) is about 1% leased and Four Parkway North (176,000 SF) is fully vacant, so a tenant can choose a whole floor or a building identity here. Six Parkway North and Three Parkway North are 89% to 96% leased.

Lake Cook Road corridor

Eight buildings on Lake Cook Road total about 1.16 million SF and are about 72% leased. Corporate 500, 520 and 540 add up to about 534,000 SF; Corporate 520 is about 58% leased with roughly 76,000 SF available. ArborLake Centre at 1751 Lake Cook Road (247,000 SF) is about 41% leased with about 146,000 SF available.

Where tenants have less leverage

Deerbrook Corporate Center (570 Lake Cook Rd.), 111 Pfingsten Rd., Deerfield Executive Center and the Executive Offices of Deerfield Square are 95% to 98% leased. Space there moves faster and landlords concede less.

Which Deerfield 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	Corporate 540, Three Parkway North, Nine Parkway North	Well-leased buildings where small suites turn over
5,000–20,000 SF	Corporate 520, 1717 Deerfield Rd.	Buildings with large vacancies and motivated landlords
20,000 SF and up	One Parkway North, Four Parkway North, ArborLake Centre	The largest blocks in Deerfield; One and Four Parkway North are nearly or fully vacant

Is There Sublease Office Space in Deerfield?

Yes. About 201,000 SF of sublease space is available in Deerfield. 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 Deerfield 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 Deerfield?

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 201,000 SF of sublease space is available in Deerfield.

	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 Deerfield Right Now?

In Parkway North and along Lake Cook Road. Six Deerfield buildings each have more than 75,000 SF available, and only about 36% of tenants with expiring leases renewed over the past two years. A renewal priced against Parkway North, Bannockburn and Northbrook gives the landlord a reason to sharpen its offer. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Deerfield 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 Deerfield?

We build a shortlist from every building in Deerfield 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 Deerfield?

Deerfield sits where the Tri-State Tollway (I-294) and the Edens spur meet Lake Cook Road, with Metra Milwaukee District North service at the Deerfield and Lake Cook Road stations. Walgreens, CF Industries and Baxter International are headquartered here, which feeds a deep base of healthcare, pharma, finance and professional services firms. Companies comparing locations usually look at Northbrook, Bannockburn 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 Deerfield lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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