The typical asking rate per listing is in the $30's per square foot per year. The Near North Side region is seeing a decline in rates. In the last 3 months, the median rate decreased $3 per sqft per year. That's a 7% decrease in rent.
Compared to the rest of the Chicagoland market, the Near North Side submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 140 listings have been listed, so you'll want to check back regularly for new listings. About 6% of the listings in the Near North Side 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,000 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are approximately 6 stories. 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 area. Commute by bike is the most popular way to get to work amongst Near North Side residents. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.