During the past year Chicago’s office real estate market saw 712 properties change hands. At the time of sale the average vacancy was 10.5%, the average cap rate for properties was nearly 9% (8.9%), and the average price per square foot was $183.
The current list of top Chicago office property sales has several deals that occurred prior to the rising pandemic; however, there are also several deals coming through during this shift in the economy. Chicago’s office real estate market is showing signs of continuing on through the economic challenges.
Cawley Chicago pulls the Top 10 Office Property Sales regularly to give an idea of the commercial real estate properties arising in the area.
Key Stats for Chicago Office Property Sales
Sales Comparables: 712
Average Cap Rate: 8.9%
Average Price / SF: $183
Average Vacancy at Sale: 10.5%
Top 10 Office Property Sales in Chicago
1) Randolf West – 1045 W Randolph St
Rating: 4
Year Built: 2018
Building Square Feet: 575,208
Vacancy %: 2.7%
Sale Date: 10/29/2020
Price: $412,500,000
Price / SF: $717
Cap Rate: Not Listed
2) 333 S Wabash Ave
Rating: 4
Year Built: 1972
Building Square Feet: 1,206,741
Vacancy %: 4.5%
Sale Date: 08/12/2020
Price: $376,000,000
Price / SF: $312
Cap Rate: Not Listed
3) 225 Wacker – 225 W Wacker Dr
Rating: 5
Year Built: 1989
Building Square Feet: 650,812
Vacancy %: 3.8%
Sale Date: 05/12/2020
Price: $210,000,000
Price / SF: $323
Cap Rate: 7.8%
4) 1515 W Webster Ave
Rating: 4
Year Built: 2018
Building Square Feet: 207,000
Vacancy %: 0%
Sale Date: 11/30/2020
Price: $110,250,000
Price / SF: $533
Cap Rate: 5.4%
5) 905 W Fulton Market
Rating: 3
Year Built: 2020
Building Square Feet: 98,000
Vacancy %: 10.8%
Sale Date: 05/12/2020
Price: $85,500,000
Price / SF: $872
Cap Rate: Not Listed
6) 801 S Canal St
Rating: 3
Year Built: 1989
Building Square Feet: 899,738
Vacancy %: 0%
Sale Date: 01/15/2020
Price: $68,000,000
Price / SF: $76
Cap Rate: Not Listed
7) 1 Takeda Pky
Rating: 4
Year Built: 2010
Building Square Feet: 252,636
Vacancy %: 0%
Sale Date: 02/26/2020
Price: $57,671,191
Price / SF: $228
Cap Rate: Not Listed
8) Finley Point
Rating: 4
Year Built: 1998
Building Square Feet: 223,771
Vacancy %: 17.5%
Sale Date: 09/25/2020
Price: $43,000,000
Price / SF: $192
Cap Rate: Not Listed
9) Pactiv Corp – 1900 West Field Ct
Rating: 4
Year Built: 1998
Building Square Feet: 268,000
Vacancy %: 0%
Sale Date: 10/12/2020
Price: $42,885,000
Price / SF: $160
Cap Rate: Not Listed
10) Sysmex – 577 Aptakisic Rd
Rating: 4
Year Built: 2010
Building Square Feet: 162,739
Vacancy %: 0%
Sale Date: 01/13/2020
Price: $42,042,596
Price / SF: $258
Cap Rate: Not Listed
View the Latest Comprehensive Chicago Office Real Estate Report