Elgin's Office Vacancy Rate

The Elgin Development Group monitors vacancy rates in the City of Elgin and reports metrics from time to time to measure the status of the office, retail, housing, industrial, and overall real estate markets. Vacancy rates reflect changes over time in the local economy giving us information about different market segments. We also identify businesses that are expanding, investing, moving into Elgin, and creating jobs and use that information to thank expanding businesses for their investment. Here is a look at Elgin's Office vacancy rate.

Office vacancy rates have gone from a low of 17.3% at the end of the fourth quarter of 2015 to 20.8% today. This is based on approximately 4.7 million square feet of inventory in Elgin. There has been a negative net absorption of minus 137,000 square feet in the past 12 months. The 10-year average vacancy rate for Elgin office property is 20.23%, and the office market is not showing improvement. There is 985,000 square feet of available office space in Elgin and supply exceeds demand.