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

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

Net absorption was -33,700 SF over the past 12 months, available space takes 33 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Evanston and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Evanston is the priciest suburban office market north of the city, and with vacancy up and very little leasing this year, the asking rents are a starting point, not a number to accept.

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

Key Takeaways

• Vacancy is 23.6%, up 1.9 points in a year, across 1.8 million SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 29.0%.
• Net absorption was -33,700 SF over the past 12 months; about 23,500 SF was leased.
• Most available space in one building: ~117,000 SF (Evanston Labs, 710 Clark St.).

Evanston Office Market Facts and Figures

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

Metric	Evanston
Tracked buildings	15
Total inventory	1.8 million SF
Vacancy rate	23.6% (21.7% one year ago)
Availability rate	29.0%
Net absorption, trailing 12 months	-33,700 SF
Space leased, trailing 12 months	23,500 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	$30–$55/SF for full build-outs, 5+ year terms
Average months on market	33.1
Lease renewal rate, past 24 months	47%
Sublease space available	10,800 SF
New construction	None
Most available space in one building	~117,000 SF (Evanston Labs, 710 Clark St.)

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

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

Softening. Evanston lost about 33,700 SF of occupied space over the past year after gaining about 41,500 SF the year before, and vacancy rose from 21.7% to 23.6%. Leasing was thin, about 23,500 SF, and available space takes about 33 months on average to lease.

What Are the Notable Office Buildings in Evanston?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
One Rotary Center	1560 Sherman Ave.	393,303	1978	A	91%	89,670
Orrington Plaza	1603 Orrington Ave.	308,000	1969	A	68%	112,583
Evanston Station	909 Davis St.	195,098	2002	A	88%	50,272
500 Davis Center	500 Davis St.	178,980	1978	B	73%	47,998
Evanston Labs	710 Clark St.	177,575	2024	A	34%	117,167
Evanston MetroCenter	1007 Church St.	166,332	1984	A	97%	4,202
The Carlson Building	636 Church St.	108,000	1925	B	86%	15,639
820 Davis St.	820 Davis St.	85,985	1980	B	65%	30,088
St. Francis	800 Austin St.	84,587	1976	B	90%	49,403
The Chandler’s Building	630 Davis St.	26,259	1889	B	61%	10,141

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

Downtown towers

One Rotary Center at 1560 Sherman Avenue (393,000 SF) is about 91% leased. Orrington Plaza at 1603 Orrington Avenue (308,000 SF) is about 68% leased with about 113,000 SF available. Evanston Station at 909 Davis Street (195,000 SF) is about 88% leased, and Evanston MetroCenter is about 97% leased.

Evanston Labs

710 Clark Street (178,000 SF, completed 2024) is about 34% leased with about 117,000 SF available, the newest and largest block in the market.

Davis Street and Church Street

500 Davis Center (179,000 SF) is about 73% leased with about 48,000 SF available, and 820 Davis Street is about 65% leased. Older buildings such as The Carlson Building and The Chandler’s Building offer smaller suites near the transit stations.

Which Evanston 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	The Chandler’s Building, The Carlson Building, Evanston MetroCenter	Downtown buildings with small suites
5,000–20,000 SF	820 Davis St., 500 Davis Center, Evanston Station	Partial floors with 30,000 to 50,000 SF available
20,000 SF and up	Orrington Plaza, One Rotary Center, Evanston Labs	The largest blocks in Evanston, each with about 90,000 to 117,000 SF available

Is There Sublease Office Space in Evanston?

Yes. About 10,800 SF of sublease space is available in Evanston. 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 Evanston 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 Evanston?

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 10,800 SF of sublease space is available in Evanston.

	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 Evanston Right Now?

At Orrington Plaza, Evanston Labs and 500 Davis Center, which together hold about 278,000 SF of available space. About 47% of tenants renewed over the past two years. With leasing this slow, landlords of the larger blocks have reason to move on rent and build-out. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on an Evanston 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: $30–$55/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 Evanston?

We build a shortlist from every building in Evanston 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 Evanston?

Evanston has the best transit of any Chicago suburb: CTA Purple Line stations downtown plus Metra Union Pacific North service at Davis Street, Main Street and Central Street, with I-94 reached via Dempster Street. Northwestern University, Rotary International’s world headquarters and Endeavor Health Evanston Hospital anchor a tenant base of research, technology, nonprofit and professional services firms. Companies comparing locations usually look at Skokie, Glenview and downtown Chicago 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 Evanston lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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