West Loop Office Space for Lease: 2026 Costs, Buildings and Rents

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

The West Loop is the busiest office submarket in downtown Chicago and the one with the highest rents. Demand is real, but leverage depends on the building: the newest trophy towers are about 9% vacant, while many older Class A and Class B buildings sit at 30% to 45%. Tenant Advisors, Inc. represents only tenants, at no cost to tenants. Call (847) 778-0296.

Key Takeaways

• Vacancy is 21.0%, down 0.6 points in a year, across about 62 million SF.
• Class A asks $48–$56/SF gross; Class B asks $34–$40/SF gross.
• Availability fell about 2.5 points to 24.8% as roughly 1.5 million SF came off the market.
• Nothing is under construction. The next new tower would not deliver before late 2028.
• Trophy space is tight, so the best deals are in well-located older Class A and Class B buildings.

West Loop Office Market Facts and Figures

Tenant Advisors tracks office buildings in the West Loop, from Halsted Street east across the Chicago River to Wells Street, and from Kinzie Street south to Congress Parkway.

Metric	West Loop
Total inventory	About 62 million SF
Class A share of inventory	About 78%
Vacancy rate	21.0% (21.6% one year ago)
Availability rate	24.8% (about 27.3% one year ago)
Net absorption, trailing 12 months	+370,000 SF (about -1.2 million SF the prior year)
Class A asking rent	$48–$56/SF gross
Class B asking rent	$34–$40/SF gross
Trophy riverfront and Wacker Drive towers	Mid-$50s/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 share of available space	About 11%, lowest since 2018
Average new lease size	About 12,000 SF, down about 25% in a year
Under construction	None
Proposed	590 W. Madison St., 665,000 SF, earliest delivery late 2028

Figures reflect Tenant Advisors’ market tracking of West Loop office buildings. 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 the West Loop?

A 5,000 SF office in the West Loop costs about $20,000 to $23,350 a month in a Class A building and about $14,150 to $16,650 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 $34 to $40/SF in Class B.

Office size	Class A, monthly ($48–$56/SF)	Class B, monthly ($34–$40/SF)
2,000 SF	$8,000–$9,350	$5,650–$6,650
5,000 SF	$20,000–$23,350	$14,150–$16,650
10,000 SF	$40,000–$46,650	$28,350–$33,350

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 West Loop Office Space Filling Up or Emptying Out?

Filling up. The West Loop added 370,000 SF of occupied space over the past year after losing about 1.2 million SF the year before, and 2026 is on track to be its first year of positive absorption since 2020. Vacancy has eased from its 21.8% peak at the end of 2025. Leasing volume is down about 20% from last year, but that reflects fewer large blocks to lease, not weaker demand. With no new supply coming, vacancy should keep drifting lower.

Where Do Tenants Have the Most Leverage in the West Loop?

Building class	Inventory	Vacancy	Availability	Asking rent, gross
Class A	48.1M SF	19.6%	24.6%	$48–$56
Class B	11.2M SF	28.4%	28.7%	$34–$40
Older, smaller buildings	2.6M SF	13.8%	11.5%	Below Class B

Class B vacancy is highest, at 28.4%, and that is where landlords concede the most. The bigger opportunity for many tenants is older Class A on Wacker Drive and Riverside Plaza, where several buildings sit 25% to 35% vacant and price below the trophy towers. The newest trophy buildings, completed since 2015, are only about 9% vacant and negotiate from strength. As that space disappears, tenants are moving to the next tier, and Class B and mid-tier Class A captured about half of all absorption over the past year.

What Are the Most Active Office Buildings in the West Loop?

Building	Address	Size (SF)	Class	Vacancy	12-mo net absorption (SF)
Willis Tower	233 S. Wacker Dr.	4,001,900	Trophy	12.3%	+185,292
333 West Wacker	333 W. Wacker Dr.	895,059	A	12.6%	+121,433
The Franklin	222 W. Adams St.	1,121,500	A	14.3%	+109,397
One North Wacker	1 N. Wacker Dr.	1,428,401	A	8.7%	+62,248
123 N. Wacker	123 N. Wacker Dr.	596,943	A	32.6%	+55,973
125 South Wacker	125 S. Wacker Dr.	641,741	A	26.5%	+51,120
71 S. Wacker	71 S. Wacker Dr.	1,490,825	A	6.1%	+22,883
BMO Tower	320 S. Canal St.	1,496,448	Trophy	23.5%	+7,823
151 North Franklin	151 N. Franklin St.	807,355	Trophy	1.7%	-6,260
One South Wacker	1 S. Wacker Dr.	1,195,170	A	26.0%	-12,070
200 S. Wacker	200 S. Wacker Dr.	761,775	A	33.6%	-31,385
River Point	444 W. Lake St.	1,058,531	Trophy	7.5%	-48,284

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

Where tenants have less leverage

151 North Franklin (1.7% vacant), 71 S. Wacker (6.1%), River Point (7.5%) and One North Wacker (8.7%) are close to full. Space in these buildings leases quickly, and landlords concede less on rent and allowances.

Where tenants have the most room

123 N. Wacker (32.6% vacant), 200 S. Wacker (33.6%), 300 S. Wacker (34.7%), 101 N. Wacker (31.4%) and One North Franklin (30.5%) are Class A buildings carrying large vacancies. They compete hard for tenants who would otherwise look only at the trophy towers.

Active Class B buildings

Building	Address	Size (SF)	Vacancy	12-mo net absorption (SF)
230 West Monroe	230 W. Monroe St.	625,000	18.0%	+11,347
150 N. Wacker	150 N. Wacker Dr.	246,613	18.2%	+24,149
223 W. Jackson	223 W. Jackson Blvd.	176,400	25.2%	+17,964
Two North Riverside Plaza	2 N. Riverside Plz.	615,501	31.9%	-32,883
Union Tower	550 W. Van Buren St.	334,609	38.3%	-47,594
200 W. Adams	200 W. Adams St.	683,129	40.3%	-13,021
Civic Opera Building	20 N. Wacker Dr.	915,162	45.8%	-83,598

Is Anything New Being Built in the West Loop?

No. Nothing is under construction, and the last new tower, 320 S. Canal (BMO Tower), was completed in 2022. The only proposed West Loop project is a 28-story, 665,000 SF building at 590 W. Madison Street, which would not deliver before late 2028 even if it starts on schedule. A proposed law-firm-anchored tower at 725 W. Randolph Street nearby is not expected until about 2030. Tenants needing 25,000 SF or more of new-quality space have a shrinking set of options and should start early.

How Do Building Sales Affect West Loop Lease Deals?

West Loop office buildings have traded at deep discounts. 500 W. Monroe sold for $100 million, about $103/SF, in June 2026, and 125 S. Wacker sold for $51.5 million in late 2025 after trading for $145 million in 2017. Over the past year, West Loop office sales averaged about $66/SF. An owner who bought at a reset price can offer lower rent and larger allowances and still make money. Before negotiating, find out who owns the building and what they paid.

Which West Loop 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	223 W. Jackson, 150 N. Wacker, 230 West Monroe	Smaller and Class B buildings with prebuilt suites and lower rents
5,000–20,000 SF	123 N. Wacker, 125 South Wacker, Two North Riverside Plaza	Class A buildings with 26% to 33% vacancy and partial floors
20,000 SF and up	Civic Opera Building, 200 W. Adams, 200 S. Wacker, One South Wacker	The largest vacant blocks in the West Loop and the strongest concessions

Is There Sublease Office Space in the West Loop?

Yes, but less than before. Sublease space is about 11% of all available West Loop space, roughly 1.7 million SF, down more than 4 points in a year and the lowest share since 2018. Companies are holding onto space rather than marketing it. Sublease space usually comes built out and often furnished, and it typically prices well below direct space. The remaining term is the main thing to check. See our Chicago office sublease guide.

Should You Lease, Sublease or Use Coworking in the West Loop?

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. Sublease space makes up about 11% of available West Loop space, the lowest share since 2018.

	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 West Loop 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 12,000 SF Class A office at $52/SF gross on a 10-year lease. Rent is $52,000 a month, so 10 months free is worth about $520,000. The improvement allowance adds $720,000 to $960,000 toward build-out. Together, that is $1.24 million to $1.48 million in landlord-funded value on one lease.

Should You Renew or Relocate in the West Loop?

Price both before you renew. Tenants under about 15,000 SF still have plenty of choices and real leverage, especially in older Class A and Class B buildings. Larger tenants face fewer contiguous blocks, so their landlords know options are limited, and a credible relocation search matters even more. 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 West Loop Office Lease in 2026?

• Rent: target the effective rent after concessions, not the asking rate. Older Class A buildings with high 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. Large blocks are scarce, so rights of first offer on adjacent space matter.
• 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 the West Loop?

We build a shortlist from every building in the West Loop 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 the West Loop?

The West Loop sits on top of Chicago’s commuter rail. Union Station and Ogilvie Transportation Center serve every Metra line, the CTA Blue, Green and Pink lines stop in the submarket, and I-90/94 and I-290 are minutes away. The riverfront, the newest tower stock downtown, and a dense base of law, finance, technology and professional services firms make it the first choice for many downtown tenants. It is the largest part of the Chicago CBD office market. Companies comparing locations often look at the Central Loop and River North 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. 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 West Loop lease against the market: (847) 778-0296 | tkoelzer@tenantadvisors.com.

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