Markets / Northwest Suburbs
The Northwest Suburbs are one of the most tenant-favorable office markets in the Chicago area. In Q3 2026, about one in four office square feet in the Schaumburg area sat vacant, about one in three 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 $8 to $10 less in Itasca and DuPage County, Class B for $19 to $24, with 1 to 2 months of free rent per year of term and improvement allowances of $5 to $8 per SF per lease year. Tenant Advisors is based in Schaumburg and represents only tenants.
Vacancy is high, Class A is still losing tenants, and Class B is filling. That split decides where your leverage is.
| Q3 2026 | Schaumburg area | Itasca / North DuPage |
|---|---|---|
| Overall vacancy | About 25%, down from nearly 32% in 2023 | About 14%, up about 1 point in a year |
| Class A vacancy | About 34% | About 23% |
| Class B vacancy | About 21% | About 13% |
| Net absorption, last 12 months | Roughly flat (about −34,000 SF) | About −180,000 SF |
| 2026 year to date | Class A about −180,000 SF; Class B about +250,000 SF | Negative in both classes |
| New construction underway | None | None |
| Sublease space available | About 460,000 SF | — |
| 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 $30 in Itasca and DuPage County | About $19 to $24 |
| Free rent | 1 to 2 months per year of term | 1 to 2 months per year of term |
| Improvement allowance | $5 to $8 per SF per lease year ($25 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 and the rest of DuPage County run $8 to $10 per SF below Cook County, largely because of lower property taxes. More than 5 million SF of older office space has been removed from the Schaumburg-area 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 absorbed about 250,000 SF this year while older buildings were removed from 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 460,000 SF of sublease space is available in the Schaumburg area, 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 Schaumburg-area properties shape pricing for everyone else. Leased figures are Q3 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.
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 Schaumburg 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.
In Q3 2026, about 25% of office space in the Schaumburg area was vacant, including about 34% of Class A space and about 21% of Class B space. In Itasca and North DuPage, vacancy was about 14% overall and about 23% in Class A. 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 $30 in Itasca and DuPage County. Class B leases for about $19 to $24 per SF gross. Building quality, size, term, and credit move the final number.
Typically 1 to 2 months of free rent per year of lease term, or about 5 to 7½ months on a 5-year lease, plus improvement allowances of $5 to $8 per SF per lease year in Class A and about $2 less in Class B. Tenants who create competition between buildings get the upper end.
For Class A space, yes. About a third of it is vacant and it is still losing occupancy, so landlords are competing for tenants. Class B is tightening, 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, Elk Grove Village, and Mount Prospect, plus Itasca, Wood Dale, Roselle, Bloomingdale, and Addison in North DuPage.
Updated October 5, 2026, with Q3 2026 Tenant Advisors Market Data. Written by Tom Koelzer and Dave Ven Horst, co-founders of Tenant Advisors, Inc., in Chicago office leasing since 1986 and 1985 and tenant-only since 2004. Our office: 1515 E. Woodfield Road, Suite 116, Schaumburg, IL 60173.
Tell us your size, timing, and where your people live. A co-founder or an Executive Vice President will call within one business day with the buildings that fit and what landlords are conceding now.
Prefer to talk now?
(847) 778-0296"*" indicates required fields
Submissions go directly to Tom Koelzer. We respond within one business day.
