On average, listings lease in the $30's per square foot per year. The Streeterville region is seeing a an increase in rates. In the last 3 months, the median rate rose $7 per sqft per year. That's a 20% increase in rent.
Compared to the rest of the Chicagoland market, the Streeterville region has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 50 listings have been posted online, so you'll want to check back regularly for new listings. About 40% of the available leases in the Streeterville 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 available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,340 sqft. Most properties in this market are close to 24 floors. Most buildings in this region were built in 1965 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Streeterville residents. Commuting around 10 minutes a day is the norm for those who opt to reside in this part of town.