The typical asking rate per listing is in the $30's per square foot per year. The South Loop region is going through a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 4% decrease in rent.
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 come on the market, which means listings are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 119% of the available space 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 posted, 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 buildings in this region are around 4 floors. Most buildings in this area were built in 1922 and are Class B.