On average, listings lease in the $30's per square foot per year. The South Loop submarket is experiencing a a rise in rates. In the last 3 months, the median rate rose $33 per sqft per year.
Compared to the rest of the Chicagoland market, the South Loop submarket has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 21 listings have been posted online, which means new availabilities most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 119% of the listings in the South Loop are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,290 sqft. Most properties in this area are close to 4 stories. Most buildings in this market were built in 1922 and are Class B.