During the past year Chicago’s office real estate market saw 741 properties change hands. At the time of sale the average vacancy was 11%, the average cap rate for properties was nearly 9% (8.7%), and the average price per square foot was $185.
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: 741 (712 in Q4 2020)
Average Cap Rate: 8.7% (8.9% in Q4 2020)
Average Price / SF: $185 ($183 in Q4 2020)
Average Vacancy at Sale: 11% (10.5% in Q4 2020)
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) 555 W Monroe St
Rating: 4
Year Built: 2002
Building Square Feet: 429,316
Vacancy %: 0%
Sale Date: 01/27/2021
Price: $73,250,000
Price / SF: $171
Cap Rate: Not Listed
7) 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
8) 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
9) 870 N Arlington Heights
Rating: 4
Year Built: 2020
Building Square Feet: 50,000
Vacancy %: 0%
Sale Date: 10/16/2020
Price: $20,625,000
Price / SF: $413
Cap Rate: Not Listed
10) 85 E US Hwy 6
Rating: 3
Year Built: 2013
Building Square Feet: 52,800
Vacancy %: 0%
Sale Date: 10/13/2020
Price: $20,000,000
Price / SF: $379
Cap Rate: Not Listed
View the Latest Comprehensive Chicago Office Real Estate Report