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

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

Net absorption was -41,800 SF over the past 12 months, available space takes 37 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Libertyville and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Libertyville has about 387,000 SF available in two buildings on Innovation Way alone. When that much space sits in one place, a mid-size tenant can write the terms.

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

Key Takeaways

• Vacancy is 36.3%, up 3.0 points in a year, across 1.4 million SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 40.3%.
• Net absorption was -41,800 SF over the past 12 months; about 104,000 SF was leased.
• Most available space in one building: ~204,000 SF (West Building, 1950 Innovation Way).

Libertyville Office Market Facts and Figures

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

Metric	Libertyville
Tracked buildings	16
Total inventory	1.4 million SF
Vacancy rate	36.3% (33.3% one year ago)
Availability rate	40.3%
Net absorption, trailing 12 months	-41,800 SF
Space leased, trailing 12 months	104,000 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	37.4
Lease renewal rate, past 24 months	25%
Sublease space available	38,700 SF
New construction	None
Most available space in one building	~204,000 SF (West Building, 1950 Innovation Way)

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

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

Still emptying out, but more slowly. Libertyville lost about 41,800 SF of occupied space over the past year, after losing about 92,800 SF the year before, and vacancy rose from 33.3% to 36.3%. Tenants leased about 104,000 SF. Available space sits on the market about 37 months on average.

What Are the Notable Office Buildings in Libertyville?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
1910 Innovation Way	1910 Innovation Way	345,550	1992	A	47%	182,952
West Building	1950 Innovation Way	340,809	1992	A	52%	203,930
1899 W. Winchester Rd.	1899 W. Winchester Rd.	117,020	1998	C	73%	31,077
Pine Meadow Corporate Center II	950 Technology Way	90,258	2001	A	98%	2,253
850-868 Technology Way	850-868 Technology Way	79,194	1999	B	61%	30,752
1580 S. Milwaukee Ave.	1580 S. Milwaukee Ave.	63,207	1980	B	72%	18,778
1870 W. Winchester Rd.	1870 W. Winchester Rd.	60,940	2003	B	100%	6,005
Grand Oaks Health Center	1800 Hollister Dr.	57,000	1998	A	91%	4,982
Advocate Condell Medical Campus	755 S. Milwaukee Ave.	47,401	1979	B	77%	10,887
800 S. Milwaukee Ave.	800 S. Milwaukee Ave.	36,642	1979	C	39%	22,344

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

Innovation Way

Two 1992 buildings at 1910 and 1950 Innovation Way total about 686,000 SF and are about 49% leased, with about 387,000 SF available between them. That is more than two-thirds of all available space in Libertyville, in one location.

Milwaukee Avenue and the medical corridor

Six buildings along Milwaukee Avenue total about 202,000 SF, about 65% leased, including the Advocate Condell Medical Campus and Forum Square. Forum Square Building C (14,000 SF) is fully vacant. Medical-capable space near Advocate Condell leases faster than general office.

Where tenants have less leverage

Pine Meadow Corporate Center II (950 Technology Way), 1870 W. Winchester Road and Grand Oaks Health Center are 91% to 100% leased.

Which Libertyville 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	1870 W. Winchester Rd., Pine Meadow Corporate Center II	Well-leased buildings where small suites turn over
5,000–20,000 SF	1580 S. Milwaukee Ave., 800 S. Milwaukee Ave., 850-868 Technology Way	Partial floors with 19,000 to 31,000 SF available
20,000 SF and up	1910 Innovation Way, West Building	The largest blocks in Libertyville, each with about 180,000 to 200,000 SF available

Is There Sublease Office Space in Libertyville?

Yes. About 38,700 SF of sublease space is available in Libertyville. 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 Libertyville 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 Libertyville?

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 38,700 SF of sublease space is available in Libertyville.

	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 Libertyville Right Now?

At Innovation Way and at renewal. Only about 25% of Libertyville tenants with expiring leases renewed over the past two years, and space takes more than three years on average to lease. Landlords carrying that much vacancy compete hard on free rent and build-out dollars. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Libertyville 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 Libertyville?

We build a shortlist from every building in Libertyville 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 Libertyville?

Libertyville pairs a walkable downtown on Milwaukee Avenue with Metra Milwaukee District North service at the Libertyville and Prairie Crossing stations and quick access to I-94 via Route 137 and Route 176. Advocate Condell, Medline and Hollister are among the village’s largest employers, and healthcare drives much of the office demand. Companies comparing locations usually look at Vernon Hills, Mundelein and Lake Forest 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 Libertyville lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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