Single-Story Office Vacancy Continues to Drop – Q2 2026 Single-Story Office Report

NAI Hiffman is pleased to present the Second Quarter 2026 Single-Story Chicago Suburban Office Report.

Chicago’s Single-Story Office Market Maintains Strong, Stable Performance

Chicago’s suburban single-story office market remained resilient in the second quarter of 2026, continuing to outperform the broader suburban office sector. Vacancy held at 11.8%, its lowest level since 2018. Meanwhile, net absorption remained positive and asking rents rose 5% year-over-year to $22.00 per square foot. Although leasing activity has slowed compared with last year, steady tenant demand, limited availability and no new supply under construction point to continued stability, particularly as users favor single-story properties for their efficient footprints, direct access and greater control over their space.

• Vacancy fell to 11.8%, down from 13.7% a year ago and its lowest level since 2018. By comparison, the overall suburban office market had a 26.1% vacancy rate in Q2.
• Net absorption remained positive, with 11,356 SF in Q2 and 41,697 SF year-to-date.
• 280,358 SF of new leases were signed across 132 deals through the first half of 2026. However, that represents a 36.4% year-over-year decline in leasing activity.
• The average new lease size increased slightly to 2,293 SF, versus 2,259 SF a year earlier. This reinforces the report’s characterization of single-story office as appealing to smaller users seeking efficient, self-contained space.
• Asking rents increased 5% year over year to $22.00/SF, even as vacancy declined — a particularly encouraging combination for property owners.
• The Northwest Suburban submarket led year-to-date leasing, recording 95,351 SF, or 34% of all single-story leasing activity through Q2.
• There is no new single-story office product under construction and no new supply delivered YTD, according to the market summary.

Contact Us

Denes Juhasz
Director of Research
630.693.0645
djuhasz@hiffman.com

Jason Wurtz
Executive Vice President – Office Services
847.660.3839
jwurtz@hiffman.com

Steve Chrastka
Executive Vice President – Office Services
630.432.0308
schrastka@hiffman.com

About NAI Hiffman:

NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.

About Hiffman National: 

Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America.