On average, listings lease in the $40's per square foot per year. The River North submarket is experiencing a a boost in rates. In the last 3 months, the median rate rose $5 per sqft per year. That's a 13% increase in rent.
Compared to the rest of the Chicagoland market, the River North submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 45 listings have been listed, so you'll want to check back regularly for new listings. About 71% of the available leases in the River North 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 2,050 sqft. Most properties in this region are approximately 6 stories. Most buildings in this market were built in 1915 and are Class B.
A large portion of this region is residential, but there's plenty of office_space. Health care is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst River North residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.