On average, listings lease in the $10's per square foot per year. The Northwest Elgin submarket is seeing a decline in rates. In the last 3 months, the median rate fell $9 per sqft per year. That's a 33% decline in rent.
Compared to the rest of the Chicagoland market, the Northwest Elgin region has smaller rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 37 listings have been made available, which means leases are probably leasing quickly. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 4,980 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are close to 1 floors. Most buildings in this area were built in 1999 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Professional services is the dominant industry in this market. Most of the occupants of Northwest Elgin work from home. Commuting close to 10 minutes a day is the norm for those who opt to reside in this part of town.