On average, listings lease in the $10's per square foot per year. The Valparaiso submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 7% decrease in rent.
Compared to the rest of the Chicagoland market, the Valparaiso submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 22 listings have been listed, which means new listings most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. 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 1,500 sqft. Most buildings in this market are approximately 1 stories. Most buildings in this area were built in 1979 and are Class B.