On average, listings lease in the $20's per square foot per year. The Valparaiso submarket is seeing a an increase in rates. In the last 3 months, the median rate went up $3 per sqft per year. That's a 14% rise in rent.
Compared to the rest of the Chicagoland market, the Valparaiso submarket has less expensive rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 14 listings have come on the market, which means new availabilities are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 7% of the available leases in the Valparaiso are subleases, so you will probably have to consider a longer term lease. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,800 sqft. Most properties in this area are close to 2 floors. Most buildings in this area were built in 1977 and are Class B.