The typical asking rate per listing is in the $50's per square foot per year. The Wicker Park region is experiencing a decline in rates. In the last 3 months, the median rate decreased $26 per sqft per year. That's a 31% decrease in rent.
Compared to the rest of the Chicagoland market, the Wicker Park submarket has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 2 listings have been posted online, which means office spaces might be going fast. You'll want to be prepared to make an offer immediately. About 50% of the available space in the Wicker Park 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,150 sqft. Most properties in this region are around 3 stories. Most buildings in this market were built in 2009.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Arts, entertainment, and restaurants are the dominant industries in this region. Commute by taxi is the most popular way to get to work amongst Wicker Park residents. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.