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Illinois

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EXPLORE 2 Illinois MARKETSToggle markets

Chicago
St. Louis

Chicago

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VACANCY

Apartment

The average Vacancy Rate was 4.9% in the Chicago metro

No vacancy change since Q1 2023 in the Chicago metro.
The Chicago metro had the lowest vacancy level since Q3 2017.
Vacancy is expected to finish 2023 at 5.1% in the Chicago metro.

Distribution / Warehousing

The average Vacancy Rate was 3.8% in the Chicago metro

Vacancy in the Chicago metro drifted downward by 20 basis points.
The Chicago metro was among the 20 lowest vacancies nationally.
Vacancy is expected to finish 2023 at 3.8% in the Chicago metro.

Flex / R&D

The average Vacancy Rate was 5.6% in the Chicago metro

The Chicago metro had the seventh lowest vacancy in the nation and the ninth lowest in the Midwest.
Vacancy in the Chicago metro drifted upward by 10 basis points.
Vacancy is expected to finish 2023 at 5.5% in the Chicago metro.

Office

The average Vacancy Rate was 17.4% in the Chicago metro

The Chicago metro had the tenth lowest vacancy in the nation and the eleventh lowest in the Midwest.
Vacancy in the Chicago metro fell by 90 basis points.
The Chicago metro had the lowest vacancy level since Q2 2009.

Retail

The average Vacancy Rate was 12.7% in the Chicago metro

No vacancy change since Q1 2023 in the Chicago metro.
The Chicago metro was among the 20 lowest vacancies nationally.
Vacancy is expected to finish 2023 at 12.5% in the Chicago metro.

RENT

Apartment

The average Asking Rent was $1,833 in the Chicago metro

Rent in the Chicago metro was up 0.3% from Q1 2023.
Rent is expected to finish 2023 at $1,863 in the Chicago metro.

Distribution / Warehousing

The average Asking Rent was $6.48 in the Chicago metro

Rent in the Chicago metro was up 1.7% from Q1 2023.
Rent has risen in every quarter for the past three years in the Chicago metro.
Rent is expected to finish 2023 at $6.71 in the Chicago metro.

Flex / R&D

The average Asking Rent was $9.86 in the Chicago metro

Rent in the Chicago metro was up 0.5% from Q1 2023.
Rent Has risen for eleven consecutive quarters in the Chicago metro.
Rent is expected to finish 2023 at $10.23 in the Chicago metro.

Office

The average Asking Rent was $32.56 in the Chicago metro

Rent in the Chicago metro was up 0.2% from Q1 2023.
Rent Has risen for six consecutive quarters in the Chicago metro.
Rent is expected to finish 2023 at $32.76 in the Chicago metro.

Retail

The average Asking Rent was $20.89 in the Chicago metro

The Chicago metro remained flat rent since Q1 2023.
Rent is expected to finish 2023 at $20.99 in the Chicago metro.

Learn more about the Illinois markets from one of our professionals

Learn more about the Illinois markets from one of our professionals.

St. Louis

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VACANCY

Apartment

The average Vacancy Rate was 4.6% in the St. Louis metro

Vacancy in the St. Louis metro drifted upward by 20 basis points.
The St. Louis metro had the highest vacancy level since Q2 2021.
Vacancy is expected to finish 2023 at 5.0% in the St. Louis metro.

Distribution / Warehousing

The average Vacancy Rate was 7.0% in the St. Louis metro

Vacancy in the St. Louis metro drifted upward by 30 basis points.
Vacancy is expected to finish 2023 at 6.8% in the St. Louis metro.

Flex / R&D

The average Vacancy Rate was 5.2% in the St. Louis metro

The St. Louis metro had the fourth lowest vacancy in the nation and the fifth lowest in the Midwest.
Vacancy in the St. Louis metro declined by 50 basis points.
The St. Louis metro had the lowest vacancy level since Q3 2009.

Office

The average Vacancy Rate was 21.9% in the St. Louis metro

Vacancy in the St. Louis metro fell by 90 basis points.
Vacancy is expected to finish 2023 at 22.3% in the St. Louis metro.

Retail

The average Vacancy Rate was 13.7% in the St. Louis metro

Vacancy in the St. Louis metro drifted upward by 20 basis points.
The St. Louis metro had the highest vacancy level since year-end 1994.
Vacancy is expected to finish 2023 at 13.2% in the St. Louis metro.

RENT

Apartment

The average Asking Rent was $1,179 in the St. Louis metro

Rent in the St. Louis metro was up 0.1% from Q1 2023.
Rent is expected to finish 2023 at $1,194 in the St. Louis metro.

Distribution / Warehousing

The average Asking Rent was $5.26 in the St. Louis metro

Rent in the St. Louis metro was up 1.2% from Q1 2023.
Rent has risen in every quarter for the past three years in the St. Louis metro.
Rent is expected to finish 2023 at $5.44 in the St. Louis metro.

Flex / R&D

The average Asking Rent was $8.63 in the St. Louis metro

Rent in the St. Louis metro was up 0.9% from Q1 2023.
Rent has risen in every quarter for the past three years in the St. Louis metro.
Rent is expected to finish 2023 at $8.92 in the St. Louis metro.

Office

The average Asking Rent was $22.94 in the St. Louis metro

Rent in the St. Louis metro was up 0.2% from Q1 2023.
Rent is expected to finish 2023 at $23.06 in the St. Louis metro.

Retail

The average Asking Rent was $16.01 in the St. Louis metro

Rent in the St. Louis metro was down 0.1% from Q1 2023.
Rent is expected to finish 2023 at $16.12 in the St. Louis metro.

Learn more about the Illinois markets from one of our professionals

Learn more about the Illinois markets from one of our professionals.