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

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

Net absorption was negative 12,700 SF over the past year, a big improvement on the 116,000 SF lost the year before. Tenant Advisors, Inc. represents only tenants in Elgin and the Northwest Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Key Takeaways

• Vacancy is 38.6%; availability is 49.7%.
• Class A asks about $26/SF gross; Class B about $20/SF.
• Fischer Corporate Center holds about 302,000 SF, almost a third of what is available in Elgin.
• Only about 21% of tenants renewed over the past two years, the lowest renewal rate in the Northwest Suburbs.

Elgin Office Market Facts and Figures

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

Metric	Elgin
Tracked buildings	30
Total inventory	2.1 million SF
Vacancy rate	38.6% (38.1% one year ago)
Availability rate	49.7%
Net absorption, trailing 12 months	-12,700 SF
Space leased, trailing 12 months	36,200 SF
Class A asking rent	~$26/SF gross
Class B asking rent	~$20/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	27.2
Lease renewal rate, past 24 months	21%
Sublease space available	3,600 SF
New construction	None
Most available space in one building	~302,000 SF (Fischer Corporate Center, 1707 N. Randall Rd.)

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

A 5,000 SF office in Elgin costs about $10,850 a month in a Class A building and about $8,350 a month in Class B, before free rent. Those figures use Tenant Advisors’ tracked gross rents of about $26/SF in Class A and about $20/SF in Class B.

Office size	Class A, monthly ($26/SF)	Class B, monthly ($20/SF)
2,000 SF	about $4,350	about $3,350
5,000 SF	about $10,850	about $8,350
10,000 SF	about $21,650	about $16,650

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 Elgin Office Space Filling Up or Emptying Out?

Stabilizing. Elgin lost 12,700 SF of occupied space over the past year, far less than the 116,000 SF lost the year before, and vacancy rose only half a point. Leasing is thin, 36,200 SF in 12 months, and available space sits about 27 months on average.

What Are the Notable Office Buildings in Elgin?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
Fischer Corporate Center	1707 N. Randall Rd.	436,000	1993	A	49%	302,104
Westfield Business Park	2500 Westfield Dr.	420,903	1989	B	75%	203,935
1600 N. Randall Rd.	1600 N. Randall Rd.	95,436	2009	A	63%	37,348
Randall Point (6 buildings)	2130–2250 Point Blvd.	365,624	1999–2007	A/B	65%	143,375
Elgin Professional Plaza	750 Fletcher Dr.	52,157	2005	B	67%	20,640
Davis Park Centre	1275 Davis Rd.	44,726	1975	B	45%	27,584
Leslie Oaks Business Center 6	620–630 Tollgate Rd.	37,605	1996	B	0%	37,605
Downtown Elgin office buildings (6)	Division St., Grove Ave., Douglas Ave. and DuPage Ct.	219,308	1896–1939	B/C	69%	67,428

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

Fischer Corporate Center, 1707 N. Randall Road

436,000 SF of Class A space built in 1993, the largest office building in Elgin. It is about 49% leased with roughly 302,000 SF available. Its landlord is competing for every tenant.

Randall Road corridor and Randall Point

Newer buildings on the west side of town near I-90, mostly built 1999 to 2009. The six Randall Point buildings total about 366,000 SF and are about 65% leased.

Westfield Business Park, 2500 Westfield Drive

About 421,000 SF, roughly 75% leased with about 204,000 SF available, a large block of value-priced Class B space.

Downtown Elgin

Older buildings near the Fox River and the Metra Milwaukee District West line, about 69% leased.

Which Elgin 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	Elgin Professional Plaza, downtown Elgin office buildings	Smaller suites and lower rents
5,000–20,000 SF	Davis Park Centre, Leslie Oaks Business Center 6 (fully vacant), 1600 N. Randall Rd.	Blocks of about 28,000 to 38,000 SF
20,000 SF and up	Fischer Corporate Center, Westfield Business Park, Randall Point	The largest blocks in Elgin; Fischer Corporate Center has about 302,000 SF available

Is There Sublease Office Space in Elgin?

Very little, about 3,600 SF. Tenants who want sublease options usually look east to Hoffman Estates and Schaumburg.

How Does Elgin 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 Elgin?

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. Only about 3,600 SF of sublease space is available in Elgin.

	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 Elgin Right Now?

At renewal and in the big Randall Road buildings. Only about 21% of Elgin tenants with expiring leases renewed over the past two years, so landlords here are used to losing tenants and will pay to keep one. Fischer Corporate Center and Westfield together hold about half of the available space. See our renewal vs. relocation analysis.

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

• Rent: 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.

How Does Tenant Advisors Find and Tour Space in Elgin?

We build a shortlist from every building in Elgin 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 Elgin?

Elgin is the largest city on the western end of the I-90 corridor in the Northwest Suburbs office market. Advocate Sherman Hospital anchors medical-office demand, the Kane County branch court and city government support legal and professional services, and the Randall Road corridor adds newer space on the growing west side. Two Metra stations and direct I-90 access connect employers to the Fox Valley workforce.

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

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