Most listings are in the $10's per square foot per year. The North Park region is experiencing a decrease in rates. In the last 3 months, the median rate fell $6 per sqft per year. That's a 24% decline in rent.
Compared to the rest of the Chicagoland market, the North Park region has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 30 listings have been posted online, which means new availabilities might be leasing quickly. You'll want to be prepared to make an offer immediately. About 3% of the listings in the North Park are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,190 sqft. Most properties in this region are around 2 floors. Most buildings in this region were built in 1954 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 region. Commute by car is the most popular way to get to work amongst North Park folk. Commuting around 20 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 North Park.
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