On average, listings lease in the $30's per square foot per year. The Near North Side region is experiencing a a rise in rates. In the last 3 months, the median rate increased $7 per sqft per year. That's a 20% increase in rent.
Compared to the rest of the Chicagoland market, the Near North Side submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 140 listings have been listed, so you'll want to check back regularly for new listings. About 49% of the office spaces in the Near North Side are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 2,940 sqft, there are still 0 new listings below 2,000 sqft. Most buildings in this market are close to 6 floors. Most buildings in this region were built in 1926 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Near North Side occupants. Commuting approximately 20 minutes a day is the norm for those who opt to reside in this part of town.