Is Class A office cheaper in Boston or Chicago?

Chicago is cheaper on a USD basis: $52/sqft vs $78/sqft.

Which has better talent depth, Boston or Chicago?

Boston indexes higher on talent depth (95 vs 88).

Which has more sublease availability, Boston or Chicago?

Chicago carries higher vacancy (24.5% vs 19.5%) and therefore typically more sublease overhang.

What lease term should I expect in Boston vs Chicago?

Boston typical term is 10 years with 18 months rent-free; Chicago typical term is 10 years with 22 months rent-free.

Boston ($78/sqft, 19.5% vacancy) and Chicago ($52/sqft, 24.5% vacancy) compete on different axes: Boston on talent depth and Chicago on rent and tax.

Class A rent: Boston $78/sqft vs Chicago $52/sqft.
Vacancy: Boston 19.5% vs Chicago 24.5%.
Talent index: Boston 95 vs Chicago 88.
Corporate tax: Boston 28% vs Chicago 28.5%.
Premium flex/seat/month: Boston $1,140 vs Chicago $920.

Boston vs Chicago: Class A office comparison

Boston ($78/sqft, 19.5% vacancy) and Chicago ($52/sqft, 24.5% vacancy) compete on different axes: Boston on talent depth and Chicago on rent and tax.

TL;DR

Class A rent: Boston $78/sqft vs Chicago $52/sqft.
Vacancy: Boston 19.5% vs Chicago 24.5%.
Talent index: Boston 95 vs Chicago 88.
Corporate tax: Boston 28% vs Chicago 28.5%.
Premium flex/seat/month: Boston $1,140 vs Chicago $920.

Market data side-by-side

Metric	Boston	Chicago
Region	Americas	Americas
Country	United States	United States
Class A rent (USD/sqft/yr)	$78	$52
Class A rent (local)	78 USD	52 USD
Vacancy	19.5%	24.5%
Trend	flat	flat
Prime yield	6.2%	7%
Premium flex / seat / month (USD)	$1,140	$920
Submarkets covered	6	6
Corporate tax	28%	28.5%

Lease norms

Metric	Boston	Chicago
Typical term	10 yrs	10 yrs
Typical rent-free	18 mos	22 mos
Lease norms	Modified-gross with op-ex escalations. Rent-free 18-24 months on 10-year term standard. Lab leases carry distinct economics — base rent plus operating expenses plus utilities pass-through.	Modified-gross with op-ex escalations over a base year. Rent-free 18-30 months and TI $120-$200/sqft on a 10-year term are current market.
Tax note	Combined federal + Massachusetts corporate tax 28%.	Combined federal + Illinois corporate tax effectively 28.5%. Cook County personal property lease transaction tax applies.

Talent

Metric	Boston	Chicago
Talent index (0–100)	95	88
Talent note	Deepest STEM and life-sciences talent pool in the US — anchored by MIT, Harvard, BU. Average all-in compensation indexes 95.	Deep professional-services, fintech, and trading talent pool. Average all-in compensation indexes 88 vs. New York.

Transit & commute

Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station.

Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD.

Top submarkets — Boston

Cambridge & Kendall Square — trophy tier · $110/sqft/yr
Kendall Square — trophy tier · $105/sqft/yr
Seaport — trophy tier · $85/sqft/yr

Top submarkets — Chicago

West Loop — trophy tier · $70/sqft/yr
Fulton Market — prime tier · $65/sqft/yr
The Loop — prime tier · $50/sqft/yr

Decision criteria

Pick by cost

Chicago is the cheaper Class A market on a USD basis.

Pick by talent depth

Boston has the deeper talent index (95/100 vs 88/100).

Pick by tax

Boston has the lower headline corporate tax (28% vs 28.5%). Local incentives can change the effective rate materially.

Pick by lease optionality

Boston typical term is 10 years with 18 months free; Chicago runs 10 years with 22 months free.

Pick by transit

Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station. Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD.

Run a 4-city comparison

Score Boston, Chicago and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.

Run a 4-city comparison →

Frequently asked questions

Is Class A office cheaper in Boston or Chicago?: Chicago is cheaper on a USD basis: $52/sqft vs $78/sqft.
Which has better talent depth, Boston or Chicago?: Boston indexes higher on talent depth (95 vs 88).
Which has more sublease availability, Boston or Chicago?: Chicago carries higher vacancy (24.5% vs 19.5%) and therefore typically more sublease">sublease overhang.
What lease term should I expect in Boston vs Chicago?: Boston typical term is 10 years with 18 months rent-free; Chicago typical term is 10 years with 22 months rent-free.
How does transit and commuter access compare?: Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station. Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD.

Editorial provenance

Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

Full sources index · Submit a correction