The typical asking rate per listing is in the $30's per square foot per year. The South Loop submarket is experiencing a a rise in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 9% rise in rent.
Compared to the rest of the Chicagoland market, the South Loop region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 18 listings have been posted online, which means office spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. 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 3,000 sqft, there are still 0 office spaces below 2,000 sqft. Most properties in this area are approximately 3 floors. Most buildings in this region were built in 1920 and are Class B.