Chicago, IL CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for Chicago, IL commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
Cook County Assessor's Office
File with Cook County Board of Review during 30-day township window. Two levels of administrative appeal before PTAB. Triennial reassessment cycle.
~3.5-4.5% effective rate (among highest in nation)
Key Submarkets
CAM Billing Considerations
- Cook County triennial reassessment creates lumpy tax adjustments
- Among highest effective property tax rates in the US
- Tax protest is almost mandatory — 60%+ of commercial owners appeal
- Incentive classification system (Class 7/8) reduces assessments for qualifying properties
- Severe office vacancy in Loop submarket
BOMA Chicago
Market Context
Chicago's notoriously high and volatile property taxes make tax pass-throughs the single largest CAM reconciliation issue. The triennial assessment cycle causes dramatic year-over-year swings that tenants frequently challenge.
Related Resources
Reconcile Chicago, IL Properties
CapVeri accounts for market-specific vacancy, local tax timing, and property-type-specific expense pools in your reconciliation.
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