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

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

Net absorption over the last 12 months was negative 75,500 SF, after a gain of 35,500 SF the year before. Tenant Advisors, Inc. represents only tenants in Park Ridge and the O’Hare market, at no cost to tenants. Call (847) 778-0296.

Key Takeaways

• Vacancy is 26.6%, up almost 9 points in a year.
• Class A asks about $33/SF gross and Class B about $19/SF.
• Park Ridge Plaza holds about 106,000 SF available, more than a third of the city’s total.
• About 51% of tenants renewed over the past two years, the highest renewal rate near O’Hare.

Park Ridge Office Market Facts and Figures

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

Metric	Park Ridge
Tracked buildings	13
Total inventory	850,000 SF
Vacancy rate	26.6% (17.7% one year ago)
Availability rate	33.1%
Net absorption, trailing 12 months	-75,500 SF
Space leased, trailing 12 months	39,200 SF
Class A asking rent	~$33/SF gross
Class B asking rent	~$19/SF gross
Average months on market	19
Lease renewal rate, past 24 months	51%
Sublease space available	None in tracked buildings
New construction	None
Most available space in one building	~63,000 SF (Park Ridge Plaza, 300 S. Northwest Highway)

Figures reflect Tenant Advisors’ market tracking of multi-tenant office buildings 5,000 SF and larger in Park Ridge. Data is updated quarterly.

What Does Office Space Cost Per Month in Park Ridge?

A 5,000 SF office in Park Ridge costs about $13,750 a month in a Class A building and about $7,900 a month in Class B, before free rent. Those figures use Tenant Advisors’ tracked gross rents of about $33/SF in Class A and about $19/SF in Class B.

Office size	Class A, monthly ($33/SF)	Class B, monthly ($19/SF)
2,000 SF	about $5,500	about $3,150
5,000 SF	about $13,750	about $7,900
10,000 SF	about $27,500	about $15,850

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 Park Ridge Office Space Filling Up or Emptying Out?

Emptying out, quickly. A year ago Park Ridge was one of the tighter markets near O’Hare. Since then it lost 75,500 SF of occupied space, about 9% of its inventory, and vacancy rose almost 9 points. Tenants leased only 39,200 SF in that time. Landlords who were used to a tight market now have space to fill.

What Are the Notable Office Buildings in Park Ridge?

Building	Address	Size (SF)	Built	% Leased	Available (SF)
Park Ridge Plaza (2 buildings)	300 and 350 S. Northwest Hwy.	184,400	1952	50%	105,600
Park Ridge Office Center (4 buildings)	1400–1460 Renaissance Dr.	219,100	1970	74%	64,000
1550 N. Northwest Highway	1550 N. Northwest Hwy.	146,300	1978	83%	27,800
O’Hare Corporate Centre	1300 Higgins Rd.	95,600	1988	65%	33,200
Colonial Plaza	444 N. Northwest Hwy.	58,500	1982	90%	5,600

Available SF includes space coming available.

Park Ridge Plaza

Two buildings in Uptown Park Ridge, a short walk from the Metra station. 300 S. Northwest Highway is about 35% leased and 350 about 66%. Together they have roughly 106,000 SF available, more than a third of all available office space in Park Ridge. This is where Park Ridge landlords are most motivated.

Park Ridge Office Center, Renaissance Drive

Four buildings, including The Pinnacle at Park Ridge at 1440. Occupancy ranges from 98% at 1400 to 53% at 1460, with about 64,000 SF available across the campus.

1550 N. Northwest Highway

The largest single multi-tenant office building in Park Ridge, about 83% leased.

O’Hare Corporate Centre

The newest larger office building in Park Ridge, closest to the airport and I-190, about 65% leased.

Colonial Plaza

One of the best-leased buildings in town at about 90%, and a useful benchmark against its emptier neighbors.

Which Park Ridge 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	Colonial Plaza, 1550 N. Northwest Highway	Well-leased buildings with small suites
5,000–20,000 SF	O’Hare Corporate Centre, Park Ridge Office Center	Partial floors with room to negotiate
20,000 SF and up	Park Ridge Plaza	The largest available block in Park Ridge, about 105,600 SF

Is There Sublease Office Space in Park Ridge?

Not in the 13 buildings Tenant Advisors tracks. About 10,200 SF of sublease space is available in two smaller Park Ridge buildings, 324 W. Touhy Avenue (6,100 SF) and 101 S. Washington Avenue (4,100 SF). Tenants who want sublease options near Park Ridge usually look at Des Plaines and Rosemont, which have about 145,000 SF between them.

How Does Park Ridge Compare With Nearby O’Hare Office Markets?

Metric	Rosemont	Des Plaines	Park Ridge
Tracked buildings	17	23	13
Total inventory	4.1 million SF	2.3 million SF	850,000 SF
Vacancy rate	21.7%	31.1%	26.6%
Vacancy one year ago	18.6%	27.1%	17.7%
Net absorption, trailing 12 months	-124,000 SF	-91,800 SF	-75,500 SF
Asking rent, gross	Class A $38–$42/SF; Class B $28–$31/SF	~$23/SF	Class A ~$33/SF; Class B ~$19/SF
Lease renewal rate, past 24 months	42%	19%	51%
Average months on market	42	16	19
Sublease space available	70,900 SF	74,700 SF	None in tracked buildings

Tenant Advisors market tracking, multi-tenant office buildings 5,000 SF and larger, October 2026.

Should You Lease, Sublease or Use Coworking in Park Ridge?

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. No sublease space is listed in the Park Ridge buildings Tenant Advisors tracks right now, so direct space is the main option.

	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 Park Ridge Right Now?

At renewal. Park Ridge tenants renew more than tenants anywhere else in the O’Hare market, about 51% over the past two years, and landlords price renewals assuming tenants will stay. With vacancy up 9 points in a year, a 2026 renewal should come with a lower rent, not a higher one. Benchmark your building against Park Ridge Plaza, Renaissance Drive and options in Des Plaines and Rosemont before you respond to your landlord.

How Do I Reduce My Rent at Renewal in Park Ridge?

• Start 12 to 18 months before expiration. Renewal leverage disappears inside 6 months.
• Get the landlord’s renewal proposal in writing early, then compare it with 2 or 3 real alternatives.
• Ask for what landlords rarely volunteer on renewals: a refresh allowance (paint, carpet, reconfiguration), free rent, and a reset of the operating expense base year.
• Cap controllable operating expense increases at 4% to 6%.
• Run the renewal against a relocation before deciding.

See our guide to negotiating an office lease renewal, or start with a renewal vs. relocation analysis.

What Should Tenants Negotiate on a Park Ridge 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 in competitive situations, or 5 to 10 months on a 5-year lease.
• Tenant improvement allowance: $45 to $75/SF for full build-outs on 5+ year terms. Medical build-outs cost more, so get contractor estimates before agreeing to a 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. Parking is tight in Uptown.

How Does Tenant Advisors Find and Tour Space in Park Ridge?

We build a shortlist from every building in Park Ridge 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 Park Ridge?

Park Ridge pairs an established, affluent community with O’Hare on its doorstep: I-190, I-90 and I-294 minutes away, two Metra UP-Northwest stations, and a walkable Uptown district. Advocate Lutheran General Hospital on Dempster Street drives steady medical office demand. Law firms, wealth managers, accountants, healthcare practices and small corporate offices make up most of the tenant base. For the full submarket picture, see our O’Hare office market page.

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

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