The typical asking rate per listing is in the $40's per square foot per year. The River North region is going through a decline in rates. In the last 3 months, the median rate decreased $7 per sqft per year. That's a 13% decline in rent.
Compared to the rest of the Chicagoland market, the River North region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 320 listings have been listed, so you'll want to check back regularly for new listings. About 14% of the office spaces in the River North are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 2,860 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are close to 6 floors. Most buildings in this market were built in 1915 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Health care is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst River North residents. Commuting between 30 and 45 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 North.
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