On average, listings lease in the $30's per square foot per year. The West Loop submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the Chicagoland market, the West Loop region has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 19 listings have come on the market, which means new listings most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 21% of the office spaces in the West Loop 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 posted, so finding a space for a small business might be tough.
Even though the median size is 7,997 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this region are approximately 22 stories. Most buildings in this market were built in 1965 and are Class A.
This market is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this area. Commute by bike is the most popular way to get to work amongst West Loop folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.