566 W Lake St, Suite 240, Chicago, IL 60661 — Lease in Chicago, IL

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Office
  • Location: Chicago, IL 60661
  • Size: 102,238 SF

Description

KW Commercial is pleased to present the exclusive opportunity to lease approximately 2,000 square feet of prime office space at 566 W Lake St, Suite 240, Chicago, IL 60661. This well-maintained suite offers a professional and functional layout, ideal for a wide range of business operations including corporate, administrative, or client-facing uses. The space provides an open and efficient floor plan with modern finishes, making it move-in ready for growing businesses and established firms alike. Suite 240 is situated in a well-connected Chicago location, offering convenient access to public transit, major expressways, and the heart of the city's business district. This property is an excellent fit for professional services, consulting firms, tech companies, and more. For more information, contact Omar Tharani at TharaniTeam@gmail.com or (630) 412-1642. Building SF: 102238 | Land Size: 2.0 Ac | Listing Type: FOR LEASE

Market Context

This office in Chicago, IL is listed for lease across 102,238 SF. It has been on the market for 45 days. Compare it against other office listings for lease in Chicago, IL — view the full market.

As of Q1 2026, the Chicago office market showed a 26.9% vacancy rate, average asking rents near $45.41/SF/yr, rents up 5.2% year over year, and cap rates around 9.8%. Source: multiple brokerage reports, Q1 2026.

Rising rents point to a competitive market where well-priced, well-located space leases quickly.

Office market FAQ

What is the typical cap rate for office in Chicago?
About 9.8% as of Q1 2026, per multiple brokerage reports.
Is the Chicago office market tightening or softening?
Vacancy is around 26.9%, with asking rents rising year over year (Q1 2026).

Estimated Market Rate

$5.65/SF/mo – $7.64/SF/mo

Mid: $6.64/SF/mo

Estimated total for 102,238 SF: $678,860 per month

Rate-first confidence-weighted blend with cost-of-business adjustment.

Based on comparable properties in similar markets rather than local sales.

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