Commercial Real Estate Market in North Chicago, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
18 active listings and 579 off-market properties in North Chicago, IL. Commercial property asks $801/SF to buy and $9.00/SF/Yr to lease.
Market Trends
North Chicago, IL spans 7.7 square miles in Lake County, Illinois. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in North Chicago, IL runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in North Chicago, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in North Chicago, IL runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in North Chicago, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
North Chicago, IL has 29,394 residents in 7,279 households. Density runs 3,825 people per square mile. Median household income here is $55,676 and median gross rent $1,437 a month.
29,394
Population
7,279
Households
4
Avg Household Size
25
Median Age
17%
College-Educated
85%
High-School Grad
7.7 sq mi
ZIP Area
3,825
Density / Sq Mi
$55,676
Median Household Income
$26,586
Median Earnings
$1,437
Median Rent
$139,900
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Park City | — | — |
| Waukegan | — | $14.14 |
| Knollwood | — | — |
| Lake Bluff | — | — |
Commercial property in North Chicago, IL asks $801/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in North Chicago?
Commercial property in North Chicago, IL asks an average of $801 per square foot. The 3 most recent recorded sales traded at a median of $52/SF, so asking sits 1438% above the achieved median.
How much does it cost to lease commercial space in North Chicago?
Asking lease rates in North Chicago, IL average $9.00 per square foot per year.
Where does Realmo's North Chicago market data come from?
Realmo compiles North Chicago, IL figures from 4 recent recorded sales, 15 active sale listings, 3 active lease listings, 579 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 15 active for-sale and 3 active for-lease listings in North 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.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- 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 31 August 2026 · report a data issue
