On average, listings lease in the $30's per square foot per year. The Near North Side submarket is experiencing a an increase in rates. In the last 3 months, the median rate increased $40 per sqft per year.
Compared to the rest of the Chicagoland market, the Near North Side region has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 140 listings have been made available, so you'll want to check back regularly for new listings. About 55% of the office spaces in the Near North Side 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.
The standard measurement for office space in this area is around 2,350 sqft. Most buildings in this market are around 6 floors. Most buildings in this area were built in 1926 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Near North Side occupants. Commuting around 20 minutes a day is the norm for those who opt to reside in this part of town.