The typical asking rate per listing is in the $30's per square foot per year. The West Loop region is experiencing a a rise in rates. In the last 3 months, the median rate went up $1 per sqft per year. That's a 4% increase in rent.
Compared to the rest of the Chicagoland market, the West Loop submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 173 listings have been listed, so you'll want to check back regularly for new listings. About 6% of the office spaces in the West Loop 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.
Even though the median size is 5,970 sqft, there are still 0 listings below 2,000 sqft. Most buildings in this area are approximately 18 floors. Most buildings in this area 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 area. Commute by bike is the most popular way to get to work amongst West Loop residents. 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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