Most listings are in the $20's per square foot per year. The River West submarket is seeing a an increase in rates. In the last 3 months, the median rate increased $4 per sqft per year. That's a 18% increase in rent.
Compared to the rest of the Chicagoland market, the River West submarket has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 33 listings have come on the market, which means office spaces are probably going fast. You'll want to be prepared to make an offer immediately. About 3% of the available space in the River West are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,500 sqft. Most buildings in this region are approximately 3 floors. Most buildings in this area were built in 1998 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Education is the dominant industry in this market. Most of the folk of River West work from home. Commuting close to 15 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in River West.
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