Markets / Northwest Suburbs
The Northwest Suburbs are one of the most tenant-favorable office markets in the Chicago area. As of October 2026, about 23% of the 39 million SF of office space across the Schaumburg area and Itasca sat vacant, about 33% in Class A buildings, and no new office construction is underway. In the transactions we track and negotiate, Class A space leases for about $34 to $38 per SF gross in Schaumburg and the Cook County suburbs and about $24 to $28 in Itasca, Class B for $19 to $24, with 1 to 1.5 months of free rent per year of term and improvement allowances of $6 to $8 per SF per lease year. Tenant Advisors is based in Schaumburg and represents only tenants.
Vacancy is high, especially in Class A, and Class B is tighter. That split decides where your leverage is. The figures below combine the Schaumburg area of northwest Cook County with Itasca and North DuPage.
| October 2026 | Northwest Suburbs, combined | Schaumburg area | Itasca / North DuPage |
|---|---|---|---|
| Office inventory | About 39 million SF | About 32 million SF | About 7.4 million SF |
| Overall vacancy | About 23% | About 25%, down from nearly 32% in 2023 | About 14%, up about 1 point in a year |
| Class A vacancy | About 33% | About 34% | About 23% |
| Class B vacancy | About 19% | About 21% | About 13% |
| Net absorption, last 12 months | About −230,000 SF | About −55,000 SF | About −175,000 SF |
| New construction underway | None | None | None |
| Sublease space, cities we cover | About 286,000 SF | About 243,000 SF | About 43,000 SF (Itasca) |
| Lease terms we are negotiating | Class A | Class B |
|---|---|---|
| Rent, gross per SF | About $34 to $38 in Schaumburg and Cook County; about $24 to $28 in Itasca | About $19 to $24 |
| Free rent | 1 to 1.5 months per year of term | 1 to 1.5 months per year of term |
| Improvement allowance | $6 to $8 per SF per lease year ($30 to $40 on a 5-year lease) | $3 to $6 per SF per lease year ($15 to $30 on a 5-year lease) |
| Free rent on a 5-year lease | Typically 5 to 7½ months | Typically 5 to 7½ months |
Rents and concessions reflect the Northwest Suburbs transactions Tenant Advisors tracks and negotiates as of October 2026. Results vary by building, size, term, and credit. Class A rents in Itasca run below Schaumburg and the rest of Cook County, largely because DuPage County property taxes are lower. More than 5 million SF of older office space has been removed from the Northwest Suburbs market through demolition and conversion over the past five years.
With about a third of Class A space empty and still losing occupancy in 2026, landlords of the best buildings are competing hardest. Tenants who run a real process are trading up to Class A at rates close to what they pay in Class B today.
Class B vacancy is about 19%, against about 33% in Class A, and older Class B buildings keep coming off the market. If you want well-priced Class B space, start earlier than you think and expect less room on rate.
Your landlord knows what empty floors cost. A renewal in this market should include free rent and an improvement allowance, not just a rate increase.
About 286,000 SF of sublease space is available in the eight Northwest Suburbs cities we cover, about 92,000 SF of it vacant now, much of it built out and furnished. For short terms or fast moves, it can cut both cost and time.
The tenants most active in the Northwest Suburbs right now are:
Three large Northwest Suburbs properties shape pricing for everyone else. Leased figures are October 2026 and rounded.
Three LEED Gold buildings, about 1.1 million SF combined, built 1980 to 2002. Leased levels run from about 58% to about 91%, with blocks up to about 36,500 SF and full 24,700 SF floors. Our own office is in this complex.
Twin 20-story towers, about 915,000 SF combined, renovated in 2018. Each is roughly 68% to 69% leased, with contiguous blocks up to about 110,000 SF and about 21 minutes to O’Hare.
The former AT&T campus, about 1.24 million SF, redeveloped in 2021 with a food court, fitness center, and coworking suites. About 55% leased, with contiguous space up to about 400,000 SF and terms offered from 1 to 5 years.
We don’t represent any of these landlords. Ask us which buildings fit your size, budget, and term, and what they are actually conceding.
Multi-tenant office buildings of 5,000 SF and larger in each city we cover. Click a city for building-by-building data.
| City | Vacancy | A year ago | 12-month net absorption (SF) | Inventory | Sublease space | Asking rent, gross per SF |
|---|---|---|---|---|---|---|
| Schaumburg | 33.1% | 34.4% | +109,900 | 8.6 million SF | 134,400 SF | A $34–$38; B $20–$24 |
| Hoffman Estates | 42.8% | 43.9% | +36,100 | 3.2 million SF | 99,900 SF | A $34–$38; B $19–$24 |
| Arlington Heights | 40.9% | 37.8% | −53,100 | 1.8 million SF | 4,600 SF | A ~$26; B ~$19 |
| Rolling Meadows | 41.2% | 36.9% | −92,000 | 2.1 million SF | None | A ~$30; B ~$19 |
| Palatine | 22.9% | 21.6% | −7,800 | 589,000 SF | None | ~$19.50 average |
| Barrington | 66.0% | 65.0% | −6,300 | 665,000 SF | None | A ~$30; B ~$18 |
| Elgin | 38.6% | 38.1% | −12,700 | 2.1 million SF | 3,600 SF | A ~$26; B ~$20 |
| Itasca | 25.4% | 21.3% | −103,000 | 2.5 million SF | 43,300 SF | A $24–$28; B $19–$24 |
Tenant Advisors market tracking, October 2026. City figures cover multi-tenant buildings only, so they run higher than the market-wide vacancy above. Rents are Tenant Advisors' tracked-transaction figures.
About 286,000 SF in the eight cities we cover. About 92,000 SF of it is vacant now; the rest is still occupied and will free up later.
| City | Sublease SF | Buildings | Largest block |
|---|---|---|---|
| Schaumburg | About 134,000 | 9 | About 37,000 SF, Two Century Centre, 1700 E. Golf Rd. |
| Hoffman Estates | About 100,000 | 5 | 72,000 SF, 2870 Forbs Ave. |
| Itasca | About 43,000 | 2 | About 40,000 SF, One Pierce Place |
| Arlington Heights | About 4,600 | 2 | About 2,600 SF, 1650 N. Arlington Heights Rd. |
| Elgin | About 3,600 | — | — |
| Rolling Meadows, Palatine, Barrington | None listed | — | — |
Sublease space usually comes built out and often furnished, with a shorter remaining term, and typically prices below direct space. We list address and size only.
A recent Northwest Suburbs lease. The client’s name is withheld; the numbers are not.
of free rent, about 1¼ months per year of term, on top of a full build-out.
Many of the brokers working the Northwest Suburbs market also lease buildings for landlords here. Tenant Advisors has represented only tenants since 2004 and doesn’t own or manage office buildings, so every building in the Northwest Suburbs is on the table and every landlord is someone we negotiate against.
As of October 2026, about 23% of office space across the Northwest Suburbs market was vacant, combining the Schaumburg area (about 25%) with Itasca and North DuPage (about 14%). Class A vacancy was about 33% and Class B about 19%. Figures are rounded Tenant Advisors Market Data.
In the transactions we track and negotiate as of October 2026, Class A office space leases for about $34 to $38 per SF gross in Schaumburg and the Cook County suburbs and about $24 to $28 in Itasca. Class B leases for about $19 to $24 per SF gross, and a little less in Barrington. Building quality, size, term, and credit move the final number.
Typically 1 to 1.5 months of free rent per year of lease term, or about 5 to 7½ months on a 5-year lease, plus improvement allowances of $6 to $8 per SF per lease year in Class A and about $3 to $6 in Class B. Tenants who create competition between buildings get the upper end.
About 286,000 SF in the eight cities we cover, about 92,000 SF of it vacant now. Schaumburg has about 134,000 SF, Hoffman Estates about 100,000 SF and Itasca about 43,000 SF.
Palatine, at about 23% in the multi-tenant buildings we track. Barrington has the highest, at about 66%, and Rolling Meadows and Elgin have about half of their tracked space available.
For Class A space, yes. About a third of it is vacant, so landlords are competing for tenants. Class B is tighter, so tenants who want well-priced Class B space should start 12 to 18 months before their lease expires.
Schaumburg, Hoffman Estates, Arlington Heights, Rolling Meadows, Palatine, Barrington, Elgin, and Itasca.
Updated October 8, 2026, with October 2026 Tenant Advisors Market Data. Written by Tom Koelzer and Dave Ven Horst, co-founders of Tenant Advisors, Inc., both in Chicago office leasing since 1986 and tenant-only since 2004. Our office: 1515 E. Woodfield Road, Suite 116, Schaumburg, IL 60173.
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