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

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

Net absorption was +7,100 SF over the past 12 months, available space takes 18 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Highland Park and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Highland Park is the exception on the North Shore. Under 15% of the space is available and most tenants renew, so if you need space downtown, start early and expect to compete for it.

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

Key Takeaways

• Vacancy is 13.6%, down 1.1 points in a year, across 639,000 SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 14.9%.
• Net absorption was +7,100 SF over the past 12 months; about 21,300 SF was leased.
• Most available space in one building: ~19,000 SF (Port Clinton Square, 600–610 Central Ave.).

Highland Park Office Market Facts and Figures

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

Metric	Highland Park
Tracked buildings	14
Total inventory	639,000 SF
Vacancy rate	13.6% (14.7% one year ago)
Availability rate	14.9%
Net absorption, trailing 12 months	+7,100 SF
Space leased, trailing 12 months	21,300 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	18.2
Lease renewal rate, past 24 months	64%
Sublease space available	3,400 SF
New construction	None
Most available space in one building	~19,000 SF (Port Clinton Square, 600–610 Central Ave.)

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

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

Tight and stable. Highland Park added about 7,100 SF of occupied space over the past year and vacancy dipped from 14.7% to 13.6%, the lowest of any North Suburbs city Tenant Advisors tracks. Available space leases in about 18 months on average.

What Are the Notable Office Buildings in Highland Park?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
Port Clinton Square I & II	600-610 Central Ave.	159,781	1989	A	88%	18,956
Renaissance Place – North Building	1849 Green Bay Rd.	137,138	2000	B	89%	15,723
1770 First St.	1770 First St.	82,000	1988	B	89%	9,276
767 Park Ave. W.	767 Park Ave. W.	46,837	1988	B	100%	3,433
The Shops On Elm Place	581-607 Elm Pl.	35,672	1988	B	100%	7,761
Highland Park Professional Centre	1893 Sheridan Rd.	31,631	1947	B	66%	10,798
1910 First St.	1910 First St.	28,000	1990	B	88%	3,336
3500 Western Ave.	3500 Western Ave.	21,000	1982	B	64%	7,604
Central Court	806 Central Ave.	20,000	2000	B	84%	3,170
North Shore Building	1866 Sheridan Rd.	20,000	1930	B	69%	6,112

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

Downtown Highland Park

Twelve buildings on Central Avenue, Elm Place, First Street, Green Bay Road and Sheridan Road total about 599,000 SF and are about 88% leased. Port Clinton Square (160,000 SF, Class A) and Renaissance Place North (137,000 SF) are each about 88% leased, with about 19,000 SF and 16,000 SF available.

Where the openings are

Highland Park Professional Centre (1893 Sheridan Rd.) and the North Shore Building (1866 Sheridan Rd.) are about 66% to 69% leased, and 3500 Western Avenue is about 64% leased. These are the best places to look for a negotiated deal.

Which Highland Park 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	1910 First St., Central Court, 767 Park Ave. W.	Well-leased buildings with small suites
5,000–15,000 SF	Highland Park Professional Centre, 1770 First St., 3500 Western Ave.	Suites in the 6,000 to 11,000 SF range
15,000 SF and up	Port Clinton Square I & II, Renaissance Place – North Building	The largest blocks in Highland Park, about 16,000 to 19,000 SF; vacancy is near 14%, so space is tight

Is There Sublease Office Space in Highland Park?

Yes. About 3,400 SF of sublease space is available in Highland Park. 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 Highland Park 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 Highland Park?

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 3,400 SF of sublease space is available in Highland Park.

	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 Highland Park Right Now?

Less than elsewhere on the North Shore. About 64% of tenants with expiring leases renewed over the past two years and only about 95,000 SF is available. The leverage is in timing and in comparing downtown Highland Park with Deerfield and Lake Forest, where vacancy is much higher. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Highland Park 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 Highland Park?

We build a shortlist from every building in Highland Park 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 Highland Park?

Highland Park’s office market is concentrated in its walkable downtown near the Metra Union Pacific North station, with Ravinia and Braeside stations nearby and quick access to Route 41 and I-94. Financial services, wealth management, law, medical and professional practices serving the North Shore make up most of the tenant base. Companies comparing locations usually look at Deerfield, Lake Forest and Northbrook 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 Highland Park lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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