Commercial Real Estate Market in Chicago, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
6,420 active listings and 204,077 off-market properties in Chicago, IL. Commercial property asks $150/SF to buy and $25.62/SF/Yr to lease. Office vacancy runs 25.6%, the loosest of the segments tracked here.
Market Trends
Chicago, IL spans 253.6 square miles in Cook County, Illinois. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Chicago, IL asks $23.41/SF/Yr to lease. Vacancy runs 25.6% in 2025, up from 17.9% in 2019.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Retail
Retail space in Chicago, IL asks $29.27/SF/Yr to lease. Vacancy runs 7.4% in 2025, down from 9.1% in 2019. Down from a 2020 peak of 9.2%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Industrial
Industrial space in Chicago, IL asks $11.50/SF/Yr to lease. Vacancy runs 4.7% in 2025, little changed from 4.9% in 2019. Nearly 1.4x the 2022 low of 3.3%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Multifamily
Multifamily vacancy in Chicago, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 51.4%
- Industrial 16.4%
- Planned_development 14.1%
- Commercial 9.2%
- Open space 7.6%
- Mixed use 1%
Largest Zones share of zoned land by district
Residential Single Unit District
Residential Single Unit District
Residential Two Flat Townhouse And Multi Unit District
Parks And Open Space
Planned Developments
Chicago, IL zones 148,172 acres across 1,519 districts. Commercial zoning covers 9.2% of zoned land, residential 51.4%, open space 7.6% and industrial 16.4%. The largest single district is Residential Single Unit District at 19.4%. For commercial buyers the practical constraint is that only 25.6% of land carries a commercial or industrial designation.
Residential Single Unit District (RS-3)
The primary purpose of the RS districts is to accommodate the development of detached houses on individual lots it is intended that RS zoning be applied in areas where the land use pattern is characterized predominately by detached houses on individual lots or where such a land use pattern is desired in the future
Market overview
Demographics & Economy
Chicago, IL has 2,949,729 residents in 1,343,118 households. Density runs 11,630 people per square mile. Median household income here is $76,276 and median gross rent $1,378 a month.
2,949,729
Population
1,343,118
Households
2.2
Avg Household Size
36
Median Age
40%
College-Educated
86%
High-School Grad
253.6 sq mi
ZIP Area
11,630
Density / Sq Mi
$76,276
Median Household Income
$50,059
Median Earnings
$1,378
Median Rent
$337,657
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Cicero | — | — |
| Oak Park | — | $14.00 |
| Berwyn | — | $25.43 |
Commercial property in Chicago, IL asks $150/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Chicago?
Commercial property in Chicago, IL asks an average of $150 per square foot.
How much does it cost to lease commercial space in Chicago?
Asking lease rates in Chicago, IL average $25.62 per square foot per year. Office asks $23.41/SF/Yr as of Q2 26, down from $26.55/SF/Yr in Q1 26.
What is the office vacancy rate in Chicago?
Office vacancy in Chicago, IL is 25.6% as of 2025, up from 17.9% in 2019. That is the highest in the 7-year series. Retail vacancy is 7.4%, below Office vacancy.
Which property type has the lowest vacancy in Chicago?
Industrial has the lowest vacancy in Chicago, IL at 4.7%, inside a 3.3–5.4% band since 2019. For comparison: office 25.6%, retail 7.4% and multifamily 8% (Midwest).
What zoning applies to commercial property in Chicago?
Chicago, IL zones 148,172 acres across 1519 districts, of which 9.2% is commercial and 16.4% industrial. The largest single district is Residential Single Unit District at 19.4% of zoned land. The primary purpose of the RS districts is to accommodate the development of detached houses on individual lots it is intended that RS zoning be applied in areas where the land use pattern is characterized predominately by detached houses on individual lots or where such a land use pattern is desired in the future Residential zoning covers 51.4% and open space 7.6%.
Where does Realmo's Chicago market data come from?
Realmo compiles Chicago, IL figures from 8 recent recorded sales, 4,436 active sale listings, 1,984 active lease listings, 204,077 tracked off-market properties, the current Chicago zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 4,436 active for-sale and 1,984 active for-lease listings in Chicago, IL. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 148,172 zoned acres across 1519 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- multifamily vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
