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

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

Net absorption was -25,400 SF over the past 12 months, available space takes 25 months on average to lease, and nothing new is under construction. Tenant Advisors, Inc. represents only tenants in Vernon Hills and the North Suburbs office market, at no cost to tenants. Call (847) 778-0296.

Fewer than one in five Vernon Hills tenants renewed over the past two years, so landlords here know their tenants are shopping. Use that.

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

Key Takeaways

• Vacancy is 38.0%, up 3.5 points in a year, across 732,000 SF.
• Class A asks about $36–$44/SF gross; Class B about $24–$32/SF.
• Availability, counting space coming available, is 31.8%.
• Net absorption was -25,400 SF over the past 12 months; about 58,200 SF was leased.
• Most available space in one building: ~85,000 SF (544 Lakeview Pkwy.).

Vernon Hills Office Market Facts and Figures

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

Metric	Vernon Hills
Tracked buildings	10
Total inventory	732,000 SF
Vacancy rate	38.0% (34.5% one year ago)
Availability rate	31.8%
Net absorption, trailing 12 months	-25,400 SF
Space leased, trailing 12 months	58,200 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	25.3
Lease renewal rate, past 24 months	19%
Sublease space available	None listed
New construction	None
Most available space in one building	~85,000 SF (544 Lakeview Pkwy.)

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

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

Still losing tenants, more slowly. Vernon Hills gave back about 25,400 SF of occupied space over the past year, after about 74,800 SF the year before, and vacancy rose from 34.5% to 38.0%. Tenants leased about 58,200 SF. No sublease space is listed right now.

What Are the Notable Office Buildings in Vernon Hills?

Building	Address	Size (SF)	Built	Class	% Leased	Available (SF)
75 N. Fairway Dr.	75 N. Fairway Dr.	189,686	1996	B	100%	49,181
544 Lakeview Pkwy.	544 Lakeview Pkwy.	143,737	1994	B	37%	84,605
565 Lakeview Pkwy.	565 Lakeview Pkwy.	86,492	1989	B	63%	32,017
One Hawthorn Place	175 E. Hawthorn Pkwy.	84,779	1986	B	79%	20,611
Atrium Office Triplex	536-616 Atrium Dr.	77,646	1990	A	0%	5,003
Vernon Hills Commerce Park	200 N. Fairway Dr.	43,200	1999	C	86%	14,850
Hawthorn Business Park	977 Lakeview Pkwy.	29,541	1988	B	83%	4,923
Hawthorn Business Park	945 Lakeview Pkwy.	28,143	1990	B	86%	3,842
Metro Square One	10 W. Phillip Rd.	26,981	1982	B	91%	4,622
6 E. Phillip Rd.	6 E. Phillip Rd.	21,621	1986	B	15%	19,190

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

Lakeview Parkway

Four buildings on Lakeview Parkway total about 288,000 SF, built 1988 to 1994, and are about 54% leased with about 125,000 SF available. 544 Lakeview Parkway (144,000 SF) is about 37% leased with about 85,000 SF available, the largest block in town.

Fairway Drive

75 N. Fairway Drive (190,000 SF, 1996) is fully leased but has about 49,000 SF coming available. 200 N. Fairway Drive in Vernon Hills Commerce Park offers smaller suites.

Hawthorn area

One Hawthorn Place (85,000 SF) is about 79% leased, and the Atrium Office Triplex and buildings on Phillip Road offer smaller blocks. 6 E. Phillip Road is about 15% leased.

Which Vernon Hills 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	Metro Square One, Hawthorn Business Park	Well-leased smaller buildings
5,000–20,000 SF	6 E. Phillip Rd., One Hawthorn Place, Vernon Hills Commerce Park	Partial floors with 15,000 to 21,000 SF available
20,000 SF and up	544 Lakeview Pkwy., 75 N. Fairway Dr., 565 Lakeview Pkwy.	The largest blocks in Vernon Hills, with 32,000 to 85,000 SF available

Is There Sublease Office Space in Vernon Hills?

Not right now. No sublease office space is listed in Vernon Hills’ multi-tenant buildings, so tenants are choosing among direct deals. Sublease space in nearby cities is worth a look for short-term needs.

How Does Vernon Hills 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 Vernon Hills?

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 Vernon Hills 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 Vernon Hills Right Now?

On Lakeview Parkway and at renewal. Only about 19% of Vernon Hills tenants with expiring leases renewed over the past two years, the lowest rate among the cities Tenant Advisors tracks after Lincolnshire. A renewal priced against Libertyville and Lincolnshire usually moves the landlord. See our renewal vs. relocation analysis and lease renewal negotiation services.

What Should Tenants Negotiate on a Vernon Hills 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 Vernon Hills?

We build a shortlist from every building in Vernon Hills 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 Vernon Hills?

Vernon Hills sits on Route 60, Route 21 (Milwaukee Avenue) and Route 83 in central Lake County, a few minutes from I-94, with Metra North Central Service at the Vernon Hills station. Corporate offices, healthcare, insurance and professional services firms make up most of the tenant base. Companies comparing locations usually look at Libertyville, Lincolnshire and Buffalo Grove as well.

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

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