On average, listings lease in the $30's per square foot per year. The Bucktown submarket is seeing a a rise in rates. In the last 3 months, the median rate increased $5 per sqft per year. That's a 17% rise in rent.
Compared to the rest of the Chicagoland market, the Bucktown submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 10 listings have come on the market, which means new availabilities are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 70% of the office spaces in the Bucktown 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 on the market, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 leases below 2,000 sqft. Most properties in this area are around 2 stories. Most buildings in this area were built in 1968 and are Class B.
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 motorcycle is the most popular way to get to work amongst Bucktown folk. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.