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

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

Net absorption was -38,000 SF over the past 12 months, available space takes 28 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Lake Forest and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Lake Forest still carries the premium North Shore address, but it lost occupied space this year. A premium address with rising vacancy is exactly where a well-run search pays off.

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

Key Takeaways

• Vacancy is 29.7%, up 3.4 points in a year, across 1.1 million SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 39.4%.
• Net absorption was -38,000 SF over the past 12 months; about 115,000 SF was leased.
• Most available space in one building: ~96,000 SF (Landmark of Lake Forest I, 100 S. Saunders Rd.).

Lake Forest Office Market Facts and Figures

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

Metric	Lake Forest
Tracked buildings	10
Total inventory	1.1 million SF
Vacancy rate	29.7% (26.3% one year ago)
Availability rate	39.4%
Net absorption, trailing 12 months	-38,000 SF
Space leased, trailing 12 months	115,000 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	$30–$55/SF for full build-outs, 5+ year terms
Average months on market	28.3
Lease renewal rate, past 24 months	54%
Sublease space available	106,000 SF
New construction	None
Most available space in one building	~96,000 SF (Landmark of Lake Forest I, 100 S. Saunders Rd.)

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

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

Softening. Lake Forest lost about 38,000 SF of occupied space over the past year after gaining about 25,800 SF the year before, and vacancy rose from 26.3% to 29.7%. Tenants still leased about 115,000 SF. About 106,000 SF of the available space is sublease, a sign that occupiers are shedding space they no longer use.

What Are the Notable Office Buildings in Lake Forest?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
1900 West Field Ct.	1900 West Field Ct.	268,000	1998	B	100%	56,102
275 N. Field Dr.	275 N. Field Dr.	197,527	1989	A	100%	28,813
Landmark of Lake Forest-I	100 S. Saunders Rd.	162,816	1999	A	89%	96,497
600 N. Field Dr.	600 N. Field Dr.	137,498	2000	B	100%	81,277
Two Conway Park	150 N. Field Dr.	120,354	1998	A	62%	60,321
One Conway Park	100 N. Field Dr.	105,000	1986	A	41%	71,219
1955 W. Field Ct.	1955 W. Field Ct.	59,130	2001	A	0%	36,000
1044 N. Western Ave.	1044 N. Western Ave.	36,872	1985	B	67%	11,994
222 E. Wisconsin Ave.	222 E. Wisconsin Ave.	26,664	1964	B	80%	5,356
600 N. Western Ave.	600 N. Western Ave.	6,260	2018	B	0%	1,730

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

Conway Park, Field Drive and Field Court

Six buildings at Route 60 and I-94 total about 888,000 SF, built 1986 to 2001, and are about 81% leased with about 334,000 SF available. One Conway Park (105,000 SF) is about 41% leased and 1955 W. Field Court (59,000 SF) is vacant. 600 N. Field Drive is fully leased but has about 81,000 SF coming available.

Landmark of Lake Forest

100 S. Saunders Road (163,000 SF, 1999) is about 89% leased but has about 96,000 SF available, including space coming available, the largest single block in town.

Downtown and Western Avenue

Small buildings near the Metra stations on Western Avenue and Wisconsin Avenue offer suites for professional and wealth-management firms that want a downtown Lake Forest address.

Which Lake Forest 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	222 E. Wisconsin Ave., 1044 N. Western Ave., 600 N. Western Ave.	Smaller buildings near downtown Lake Forest
5,000–20,000 SF	275 N. Field Dr., 1955 W. Field Ct.	Class A space with 29,000 to 36,000 SF available
20,000 SF and up	Landmark of Lake Forest-I, 600 N. Field Dr., One Conway Park	The largest blocks in Lake Forest, each with 70,000 to 96,000 SF available

Is There Sublease Office Space in Lake Forest?

Yes. About 106,000 SF of sublease space is available in Lake Forest. 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 Lake Forest 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 Lake Forest?

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 106,000 SF of sublease space is available in Lake Forest.

	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 Lake Forest Right Now?

In Conway Park and in sublease space. With about 106,000 SF of sublease space on the market and two Conway Park buildings below 50% leased, tenants can compare direct and sublease options in the same park. About 54% of tenants renewed over the past two years. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Lake Forest 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 Lake Forest?

We build a shortlist from every building in Lake Forest 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 Lake Forest?

Lake Forest offers I-94 and Route 60 access at Conway Park and two Metra lines, the Milwaukee District North and the Union Pacific North, each with a Lake Forest station. W.W. Grainger, Packaging Corporation of America and Trustmark are headquartered here, alongside healthcare, financial services and private equity firms. Companies comparing locations usually look at Bannockburn, Lincolnshire and Libertyville 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 Lake Forest lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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