Buy, Sell, & Lease Office Space in 2025

Navigating the Chicago office real estate market can seem daunting, especially in the post-COVID-19 era, where the landscape has shifted dramatically. Due to an oversupply of vacant spaces and changing work dynamics, the office market is currently a buyer’s and tenant’s market. Whether you’re looking to buy office space, sell office space, or lease office space, understanding these complexities is crucial to maximizing your investment and securing the best opportunities. That’s where our expertise, carefully curated action plans, and skilled agents come into play.

Market Distress: Opportunities and Risks

The pandemic accelerated remote and hybrid work trends, leading to a significant decrease in office space demand. Companies have been re-evaluating their real estate footprints, resulting in a wave of vacancies and declining rents. This downturn has created opportunities for buyers and tenants to secure prime office space at prices not seen in years. While this market presents a chance to save money, it also comes with risks, including potential building obsolescence and financial instability among landlords. Distressed properties can offer savings but also pose the danger of neglected maintenance and compliance issues. Our team navigates these opportunities and risks, ensuring you find office space that supports your business and investment goals.

Why Chicagoland is a Unique Office Space Market

Chicagoland’s office real estate market is experiencing a shift as companies embrace hybrid work models and downsize their office requirements. The vast market spans downtown Chicago, known for its high-rise office towers to the sprawling suburban office parks. With vacancy rates rising, it’s a market filled with opportunities for buyers and tenants. Current market conditions have led to a decrease in rental rates, making it an advantageous time for businesses looking to lease office space in prime locations that were previously unattainable.

The complexity of the market, with each neighborhood and suburb presenting unique opportunities and challenges, requires a deep understanding of local trends. Our agents are experts in these market dynamics, helping you identify spaces that align with the current demands, whether it’s a flexible workspace for a hybrid team or a large headquarters in the suburbs. We also work with firms to assist with zoning transitions, ensuring your new office space meets future demands.

Why Our Agents Stand Out

Our agents are at the forefront of modern office space trends, focusing on creating work environments that align with the evolving needs of businesses and employees in a market dominated by buyers and tenants. As companies adapt to the post-pandemic landscape, we help curate workspaces that support hybrid work models, ensuring spaces are adaptable, innovative, and future-proof. We specialize in repurposing older buildings into experiential workplaces that employees want to return to, turning distressed assets into competitive, desirable office spaces. We guide investors toward properties with robust tenancies, even in a market with an oversupply of space, ensuring long-term value and occupancy.

• As Vice President of Sales and Leasing, Gordon Lamphere J.D. leads our office real estate brokerage team with a forward-thinking approach.
• His advice is regularly featured in local and national press, and industry leaders recognize him for his expertise in adapting office spaces to the changing market.
• Gordon hosts Chicagoland’s Top Commercial Real Estate Podcast (The Real Finds Podcast) and is globally recognized for his expertise in transactional and commercial real estate marketing.
• He is deeply involved in transforming office spaces into resilient and experiential workplaces that attract and retain employees, providing investors with stable, long-term tenancies in a buyer and tenant-driven market.

Our Agent’s Do More Than Show Office Space; They Act As Strategic Advisors Who Can:

• Navigate the risks of a distressed market: Our agents specialize in working with distressed buyers, sellers, and tenants in a market where landlords face financial challenges. We assess the stability and financial health of properties to avoid potential pitfalls from landlord distress, ensuring a safe and viable option when you buy office space or lease office space.
• Curate adaptable workspaces: In a market flooded with vacant spaces, we focus on creating office spaces that cater to hybrid work models and evolving workforce needs, ensuring spaces are flexible, resilient, and ready for future changes.
• Access off-market opportunities: While vacancy rates are high, the best office properties with the right amenities and locations are still in demand. Our agents have access to a network of sellers, developers, and landlords that allow us to source exclusive, off-market deals.
• Repurpose and rejuvenate older buildings: We specialize in transforming older, vacant office buildings into modern, experiential workplaces, helping owners and investors reposition assets in a market where traditional office space demand has declined.
• Negotiate favorable terms: In today’s market, tenants and buyers have the upper hand. Our agents use their market knowledge to secure flexible terms, favorable pricing, and tenant improvement allowances, maximizing your value when you lease office space or buy office space.
• Handle zoning and regulatory challenges: With changes in office use, zoning transitions are more relevant than ever. Our agents assist with transitions to other uses, such as industrial, residential, or retail, ensuring your property remains a valuable asset.

Chicago’s Opportunities and Challenges

The Chicago office real estate market faces both opportunities and challenges in this new era. The region’s vast supply of office space provides options for every business size and need. However, high vacancy rates and shifting demands have made it essential for owners and investors to reposition properties to meet current market realities. It’s an ideal time for tenants to secure high-quality office space at discounted rates, but this comes with the need to ensure these spaces are future-proofed for changing work trends.

Whether you’re looking for a downtown headquarters or a flexible workspace in the suburbs, our agents provide local expertise and strategic insight to navigate this evolving market.

The Office Real Estate Landscape in Chicagoland

A. Why Chicagoland is a Buyer and Tenant’s Market

Post-pandemic, the office market in Chicagoland has become increasingly favorable to buyers and tenants. The shift to remote and hybrid work models has left many office buildings with high vacancy rates, creating an oversupply. This has led to declining rental rates and more favorable terms for tenants. Additionally, the availability of office buildings for sale at reduced prices presents opportunities for investors looking to capitalize on long-term growth potential as the market stabilizes.

B. Communities That Drive Office Growth and Transformation

Each area in Chicagoland is experiencing different impacts from the market shift. Downtown Chicago has seen a rise in vacancies in older office towers, while suburban markets are attracting companies looking for more flexible and affordable options. Our agents understand these nuances and can help you identify the right office space for your needs, whether it’s in the heart of the city or the growing suburban hubs.

Key Areas in Chicagoland for Office Real Estate

A. Lake County, Illinois: A Hub for Affordable Office Space

Overview: Lake County is attracting businesses looking to downsize their office footprints or move to more affordable locations.

Why Choose Lake County?

• Affordability: Office spaces in Lake County are priced lower than in central Chicago, offering a cost-effective option for businesses looking to lease office space or buy office space.
• Adaptable Workspaces: Many buildings in Lake County are being adapted for flexible work models, making them ideal for companies looking for modern office environments.

Local Economic Development Agency: Lake County Partners

B. DuPage County: Suburban Shift in Office Demand

Overview: DuPage County has seen an increase in demand for suburban office space, driven by companies seeking to balance remote and in-office work.

Why Choose DuPage County?

• Suburban Appeal: With more companies embracing hybrid work, DuPage County offers an attractive alternative to the urban office market, featuring accessible locations and adaptable office spaces.
• Investment Opportunities: Investors can find opportunities in repositioning existing office properties to meet the needs of the evolving market.

Local Economic Development Agency: Choose DuPage

C. Cook County: Urban Transformation

Overview: Downtown Chicago and its surrounding areas in Cook County are transforming. High vacancy rates in older buildings are leading to opportunities for repurposing and modernizing office space.

Why Choose Cook County?

• Prime Locations at Lower Costs: The current market has made previously high-priced downtown office spaces more accessible, allowing businesses to lease office space in prime locations at lower costs.
• Opportunities for Repurposing: The abundance of vacant office buildings presents opportunities for investors to repurpose and modernize spaces to align with new work trends.

Local Economic Development Agency: World Business Chicago

What to Consider When Buying Office Property

Selling Office Property: How to Maximize Your Return

Leasing Office Space: Securing the Best Terms

Conclusion: Find Your Ideal Office Space in Chicagoland

Whether you’re looking to buy office space, sell office space, or lease office space in this evolving market, success requires local expertise, strategic planning, and access to the right opportunities. Contact our team to explore the latest market insights and find office space tailored to your needs in this new era of work.

Areas Our Office Space Experts Serve: