Most listings are in the $30's per square foot per year. The West Loop submarket is going through a a boost in rates. In the last 3 months, the median rate went up $9 per sqft per year. That's a 30% rise in rent.
Compared to the rest of the Chicagoland market, the West Loop submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 3 listings have come on the market, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 133% of the office spaces in the West Loop are subleases, so you might be able to find a shorter term or below market rent. 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 7,300 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this area are approximately 22 stories. Most buildings in this region were built in 1965 and are Class A.
This region is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this area. Commute by bike is the most popular way to get to work amongst West Loop residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.