On average, listings lease in the $30's per square foot per year. The Pilsen region is experiencing a a boost in rates. In the last 3 months, the median rate rose $15 per sqft per year. That's a 79% increase in rent.
Compared to the rest of the Chicagoland market, the Pilsen submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 1 listings have come on the market, which means listings might be leasing quickly. You'll want to be prepared to make an offer immediately. About 400% of the office spaces in the Pilsen 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,590 sqft. Most buildings in this market are around 3 stories. Most buildings in this market were built in 1900 and are Class C.
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 region. Commute by walking is the most popular way to get to work amongst Pilsen folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.