Near West Side Office Space

Near West Side

Office Space Market Report

Number of Listings (last 90 days)
20
Median Rate ($/sqft/yr)
$30
Median Size (sqft)
6,250
As of: May 25, 2017

Near West Side Rates

The typical asking rate per listing is in the $30's per square foot per year. The Near West Side submarket is seeing a decline in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 8% decline in rent.

Compared to the rest of the Chicagoland market, the Near West Side submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot region.

Near West Side Listing Supply

In the last 90 days, 20 listings have come on the market, which means office spaces most likley are going fast. You'll want to be prepared to make an offer immediately. About 10% of the office spaces in the Near West Side are subleases, so you will probably have to focus your search on direct office leases. 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 6,250 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this area are approximately 5 floors. Most buildings in this region were built in 1925 and are Class B.

Near West Side Community

Market Report

Trends and status of the commercial real estate market in Near West Side.
Market Report

Market Data

Real time and historical data on commercial real estate listings in Near West Side.
Research