The typical asking rate per listing is in the $40's per square foot per year. The West Loop region is going through a a rise in rates. In the last 3 months, the median rate rose $11 per sqft per year. That's a 34% increase in rent.
Compared to the rest of the Chicagoland market, the West Loop region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 173 listings have been posted online, so you'll want to check back regularly for new listings. About 2% of the available leases in the West Loop are subleases, so you will probably have to focus your search on direct office leases. 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 37,170 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this region are approximately 18 stories. Most buildings in this region were built in 1965 and are Class A.
This market is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this market. Commute by bike is the most popular way to get to work amongst West Loop folk. Commuting more than an hour and a half 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 West Loop.
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