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

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

Net absorption was -62,600 SF over the past 12 months, available space takes 38 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Lincolnshire and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Lincolnshire has more office space available than occupied, more than 1.6 million SF on the market. That makes it the strongest tenant’s market in the northern suburbs.

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

Key Takeaways

• Vacancy is 62.4%, up 2.8 points in a year, across 2.3 million SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 72.0%.
• Net absorption was -62,600 SF over the past 12 months; about 107,000 SF was leased.
• Most available space in one building: ~863,000 SF (Four Overlook Point, about 2% leased).

Lincolnshire Office Market Facts and Figures

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

Metric	Lincolnshire
Tracked buildings	14
Total inventory	2.3 million SF
Vacancy rate	62.4% (59.6% one year ago)
Availability rate	72.0%
Net absorption, trailing 12 months	-62,600 SF
Space leased, trailing 12 months	107,000 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	37.7
Lease renewal rate, past 24 months	4%
Sublease space available	104,000 SF
New construction	None
Most available space in one building	~863,000 SF (Four Overlook Point, about 2% leased)

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

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

Still emptying out. Lincolnshire lost about 62,600 SF of occupied space over the past year, after losing about 585,000 SF the year before, and vacancy rose from 59.6% to 62.4%, the highest of any North Suburbs city Tenant Advisors tracks. Counting space coming available, 72% of Lincolnshire’s office space is on the market. Tenants still leased about 107,000 SF.

What Are the Notable Office Buildings in Lincolnshire?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
Four Overlook Point	4 Overlook Point	883,403	1998	A	2%	863,403
One Overlook Point	1 Overlook Point	206,626	1989	A	70%	105,545
300 Tower Pkwy.	300 Tower Pkwy.	175,545	1993	A	0%	175,545
Tri State International	300 Tri State International	158,984	1987	A	51%	77,682
475 Half Day Rd.	475 Half Day Rd.	154,890	1999	B	81%	46,881
333 Knightsbridge	333 Knightsbridge Pkwy.	139,927	1985	B	0%	139,927
Tri State International Office Center	25 Tri State International	118,456	1989	A	100%	104,156
Tri State International Office Center	100 Tri State International	110,097	1984	B	77%	29,909
Tri State International Office Center	200 Tri State International	106,250	1986	A	91%	48,978
111 Barclay Blvd.	111 Barclay Blvd.	78,182	1984	A	99%	44,220

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

Overlook Point

One and Four Overlook Point total about 1.09 million SF with about 969,000 SF available. Four Overlook Point (883,000 SF, 1998) is about 2% leased, and One Overlook Point (207,000 SF) is about 70% leased.

Tri-State International

Four buildings at 25, 100, 200 and 300 Tri-State International total about 494,000 SF and are about 77% leased, with about 261,000 SF available, including space coming available.

Fully vacant buildings

300 Tower Parkway (176,000 SF, Class A, 1993) and 333 Knightsbridge Parkway (140,000 SF) are both 0% leased. A tenant can take a building identity here.

Which Lincolnshire 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	111 Barclay Blvd., 100 Tri State International, 475 Half Day Rd.	Smaller blocks in well-leased buildings
5,000–20,000 SF	Tri State International (300), 200 Tri State International, One Overlook Point	Partial floors with 50,000 to 105,000 SF available
20,000 SF and up	Four Overlook Point, 300 Tower Pkwy., 333 Knightsbridge	The largest blocks in Lincolnshire; all three are fully or nearly vacant

Is There Sublease Office Space in Lincolnshire?

Yes. About 104,000 SF of sublease space is available in Lincolnshire. 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 Lincolnshire 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 Lincolnshire?

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 104,000 SF of sublease space is available in Lincolnshire.

	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 Lincolnshire Right Now?

Everywhere. Only about 4% of Lincolnshire tenants with expiring leases renewed in place over the past two years, and 72% of the space is available. Landlords here are competing with entire empty buildings, so tenants can push hardest on free rent, improvement allowances and flexibility. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Lincolnshire 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 Lincolnshire?

We build a shortlist from every building in Lincolnshire 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 Lincolnshire?

Lincolnshire is a corporate campus market at I-94 and Half Day Road (Route 22) with Milwaukee Avenue (Route 21) through town. The nearest Metra station is Prairie View on the North Central Service. Zebra Technologies is headquartered here, and corporate offices, insurance and professional services firms make up most of the tenant base. Companies comparing locations usually look at Bannockburn, Vernon Hills and Buffalo Grove as well.

Frequently Asked Questions

---

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

Explore Nearby Office Markets

North Suburbs office market • Bannockburn office space • Vernon Hills office space • Buffalo Grove office space • Deerfield office space • All Chicago suburban office markets