The typical asking rate per listing is in the $20's per square foot per year. The Far East submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $19 per sqft per year. That's a 45% decline in rent.
Compared to the rest of the Chicagoland market, the Far East region has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 5 listings have been listed, which means leases most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 140% of the available space in the Far East 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 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 1,980 sqft. Most properties in this market are approximately 1 floors. Most buildings in this market were built in 1992 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Health care is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Far East residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.