On average, listings lease in the $30's per square foot per year. The West Loop region is experiencing a an increase in rates. In the last 3 months, the median rate increased $9 per sqft per year. That's a 30% rise in rent.
Compared to the rest of the Chicagoland market, the West Loop submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 3 listings have been posted online, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 133% of the listings in the West Loop are subleases, so you might be able to snag a great spot on a short term. 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 7,300 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are around 22 floors. Most buildings in this region were built in 1965 and are Class A.
This area 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 occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.