Commercial Real Estate Market in Prospect Heights, IL
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
63 active listings and 1,096 off-market properties in Prospect Heights, IL. Commercial property asks $81/SF to buy and $15.14/SF/Yr to lease.
Market Trends
Prospect Heights, IL spans 4.0 square miles in Cook County, Illinois. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Prospect Heights, 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 Prospect Heights, IL runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Prospect Heights, 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 Prospect Heights, IL runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Prospect Heights, IL has 15,840 residents in 6,353 households. Density runs 3,984 people per square mile. Median household income here is $91,210 and median gross rent $1,391 a month.
15,840
Population
6,353
Households
2.5
Avg Household Size
41
Median Age
36%
College-Educated
84%
High-School Grad
4 sq mi
ZIP Area
3,984
Density / Sq Mi
$91,210
Median Household Income
$47,929
Median Earnings
$1,391
Median Rent
$343,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Wheeling | — | $15.14 |
| Mount Prospect | — | $27.00 |
| Rolling Meadows | — | $68.67 |
Commercial property in Prospect Heights, IL asks $81/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Prospect Heights?
Commercial property in Prospect Heights, IL asks an average of $81 per square foot.
How much does it cost to lease commercial space in Prospect Heights?
Asking lease rates in Prospect Heights, IL average $15.14 per square foot per year.
Where does Realmo's Prospect Heights market data come from?
Realmo compiles Prospect Heights, IL figures from 8 recent recorded sales, 36 active sale listings, 27 active lease listings, 1,096 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 36 active for-sale and 27 active for-lease listings in Prospect Heights, 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 30 September 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 and industrial 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
