Most listings are in the $30's per square foot per year. The West Loop region is going through a decrease in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 17% decrease in rent.
Compared to the rest of the Chicagoland market, the West Loop region has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 3 listings have been listed, which means listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 467% of the listings 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 posted, so finding a space for a small business might be tough.
Even though the median size is 15,480 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are approximately 22 floors. Most buildings in this region were built in 1965 and are Class A.
This market 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 folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.