River North Office Space for Lease: 2026 Costs, Buildings and Rents

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

River North runs north from the Chicago River, from the Merchandise Mart and Wolf Point to the loft blocks around Hubbard, Superior and Erie. It mixes trophy towers with creative loft space and is the strongest-recovering office market downtown. River North is one of seven submarkets in the Chicago CBD office market. Tenant Advisors, Inc. represents only tenants, at no cost to tenants. Call (847) 778-0296.

Key Takeaways

• Vacancy is 21.8%, down 3.0 points in a year, across about 20.6 million SF.
• River North absorbed about 613,000 SF over the past year, the most of any downtown submarket.
• Class A vacancy is 24.9%; Class B is 16.3%.
• Sublease space is scarce, about 200,000 SF.
• Nothing is under construction.

River North Office Market Facts and Figures

Tenant Advisors tracks office buildings in River North, north of the Chicago River and west of State Street, from the river’s North Branch east to State Street and north to about Chicago Avenue.

Metric	River North
Total inventory	About 20.6 million SF
Class A share of inventory	About 60%
Vacancy rate	21.8% (24.8% one year ago)
Availability rate	25.4%
Net absorption, trailing 12 months	+613,000 SF (the most of any downtown submarket)
Class A asking rent	$48–$56/SF gross
Class B asking rent	$32–$38/SF gross
Free rent	About 1 month per lease year
Tenant improvement allowance	$6–$8/SF per lease year ($60–$80/SF on a 10-year lease); none on spec suites
Sublease space available	About 200,000 SF, about 1.0% of inventory
Under construction	None
Proposed	None

Figures reflect Tenant Advisors’ market tracking of River North office buildings, October 2026. 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 River North?

A 5,000 SF office in River North costs about $20,000 to $23,350 a month in a Class A building and about $13,350 to $15,850 a month in Class B, before free rent. Those figures use Tenant Advisors’ tracked gross rents of $48 to $56/SF in Class A and $32 to $38/SF in Class B.

Office size	Class A, monthly ($48–$56/SF)	Class B, monthly ($32–$38/SF)
2,000 SF	$8,000–$9,350	$5,350–$6,350
5,000 SF	$20,000–$23,350	$13,350–$15,850
10,000 SF	$40,000–$46,650	$26,650–$31,650

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.
• Parking, which is usually extra downtown.
• Build-out costs above the improvement allowance, plus cabling, furniture and moving.

Is River North Office Space Filling Up or Emptying Out?

Filling up. River North added about 613,000 SF of occupied space over the past year, and vacancy fell from 24.8% to 21.8%. The Merchandise Mart, 321 N. Clark, 353 N. Clark and 300 N. LaSalle all gained tenants. With no new supply coming and very little sublease space, the best River North buildings are getting harder to negotiate.

Where Do Tenants Have the Most Leverage in River North?

Building class	Inventory	Vacancy	Availability	Asking rent, gross
Class A	12.4M SF	24.9%	27.8%	$48–$56
Class B	6.8M SF	16.3%	21.9%	$32–$38
Older, smaller buildings	1.4M SF	20.7%	21.5%	Below Class B

Class A still has the most room at 24.9% vacant. 350 N. Orleans (40.0% vacant), 600 W. Chicago (36.6%) and 300 N. LaSalle (29.8%) have large blocks. Class B loft space is tighter at 16.3%, and small creative suites in the best loft buildings move quickly.

What Are the Most Active Office Buildings in River North?

Building	Address	Size (SF)	Vacancy	12-mo net absorption (SF)
The Merchandise Mart	222 Merchandise Mart Plz.	3,672,000	21.7%	+133,881
321 North Clark	321 N. Clark St.	896,502	25.4%	+74,970
353 N. Clark	353 N. Clark St.	1,189,033	19.4%	+65,606
300 N. LaSalle	300 N. LaSalle St.	1,274,899	29.8%	+64,416
600 West Chicago	600 W. Chicago Ave.	1,631,139	36.6%	+47,703
350 North Orleans	350 N. Orleans St.	1,328,668	40.0%	+31,256
Salesforce Tower Chicago	333 W. Wolf Point Plz.	1,242,925	2.4%	+24,136
448 N. LaSalle	448 N. LaSalle Dr.	174,599	63.4%	+10,356

Most active Class A buildings by leasing over the past 12 months. Tenant Advisors market tracking, October 2026.

Where tenants have less leverage

Salesforce Tower Chicago at Wolf Point (2.4% vacant) is essentially full, and 353 N. Clark (19.4%) is tightening. Landlords there concede less.

Where tenants have the most room

350 N. Orleans (40.0% vacant), 600 W. Chicago (36.6%), 300 N. LaSalle (29.8%) and 321 N. Clark (25.4%) carry the most space among large Class A buildings.

Active Class B buildings

Building	Address	Size (SF)	Vacancy	12-mo net absorption (SF)
415 N. LaSalle	415 N. LaSalle Dr.	69,352	32.5%	+14,325
Central Arts Building	730 N. Franklin St.	92,937	13.9%	+12,122
Orleans Plaza	414 N. Orleans St.	191,155	18.2%	+4,931
213 W. Institute	213 W. Institute Pl.	149,800	13.9%	+2,236
Kingsbury Center	350 W. Hubbard St.	135,315	7.6%	-4,404
303 W. Erie	303 W. Erie St.	60,000	44.2%	-7,306

Is Anything New Being Built in River North?

No. Nothing is under construction or proposed. River North added about 1.3 million SF over the past five years, mostly at Wolf Point, but no new office tower is in the pipeline, so tenants who want new trophy space here are competing for what already exists.

How Do Building Sales Affect River North Lease Deals?

River North sales over the past year were mostly smaller loft buildings: 14 properties traded for about $47 million, an average of about $105/SF. 444 N. Orleans sold for $6.5 million (about $240/SF), 225 W. Superior for $5.0 million and the Leahy Building at 226 W. Ontario for $4.1 million (about $67/SF). Owners who bought loft buildings at reset prices can often offer better terms on small and midsize suites.

Which River North 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	Central Arts Building, 213 W. Institute, 415 N. LaSalle	Smaller and Class B buildings with prebuilt suites
5,000–20,000 SF	321 North Clark, 353 N. Clark, 300 N. LaSalle	Class A towers with 19% to 30% vacancy and partial floors
20,000 SF and up	600 West Chicago, 350 North Orleans, The Merchandise Mart	The largest vacant blocks in River North and the strongest concessions

Is There Sublease Office Space in River North?

Very little. Sublease space is about 200,000 SF, only about 1% of inventory, the lowest share downtown. Tenants who want discounted, furnished space usually find more of it in the West Loop and Fulton Market. See our Chicago office sublease guide.

Should You Lease, Sublease or Use Coworking in River North?

Lease direct if you need space for five 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 200,000 SF of sublease space is available in River North, about 1.0% of inventory.

	Direct lease	Sublease	Coworking
Typical term	5 to 10 years or more	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

How Much Free Rent and TI Can a River North Tenant Get?

Free rent runs about 1 month per year of lease term, or about 10 months on a 10-year lease. Tenant improvement allowances run $6 to $8/SF per lease year, or $60 to $80/SF on a 10-year lease. Spec suites are delivered built and carry no allowance. For example, take a 10,000 SF Class A office at $52/SF gross on a 10-year lease. Rent is about $43,000 a month, so 10 months free is worth about $433,000. The improvement allowance adds $600,000 to $800,000 toward build-out. Together, that is about $1,033,000 to $1,233,000 in landlord-funded value on one lease.

Should You Renew or Relocate in River North?

Price both before you renew. With River North vacancy at 21.8%, your landlord knows what a move would cost you, and a credible relocation search is what moves the renewal offer. Start 12 to 18 months before your lease expires, or 18 to 24 months for 25,000 SF and up. See our office lease renewal negotiation and renewal vs. relocation analysis services.

What Should Tenants Negotiate on a River North Office Lease in 2026?

• Rent: target the effective rent after concessions, not the asking rate. Buildings with the most vacancy leave the most room.
• Free rent: about 1 month per year of lease term, or about 10 months on a 10-year lease.
• Tenant improvement allowance: $6 to $8/SF per lease year, or $60 to $80/SF on a 10-year lease, except in spec suites. 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.
• Landlord basis: in buildings that recently sold at a discount, push harder on rent and allowances.

How Does Tenant Advisors Find and Tour Space in River North?

We build a shortlist from every building in River North 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 River North?

River North puts tenants a short walk from the Loop with restaurants, hotels and the Riverwalk around them. It is served by the CTA Red, Brown and Purple lines, is a short walk to Ogilvie, and has quick access to the Kennedy Expressway. The mix of trophy towers and brick-and-timber lofts suits both large firms and small creative companies. Companies comparing locations often look at North Michigan Avenue, West Loop, Fulton Market and Central Loop as well. Our relocation and site selection service runs that comparison.

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. Tom has worked in Chicago office leasing since 1986 and Dave since 1985, and the firm has negotiated more than 2,000 office leases, representing tenants only. Benchmark your River North lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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