On average, listings lease in the $30's per square foot per year. The Near North Side region is going through a decrease in rates. In the last 3 months, the median rate fell $4 per sqft per year. That's a 10% decrease in rent.
Compared to the rest of the Chicagoland market, the Near North Side region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 140 listings have been listed, so you'll want to check back regularly for new listings. About 4% of the available space in the Near North Side are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 2,460 sqft. Most properties in this region are around 6 floors. Most buildings in this market 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 region. Commute by bike is the most popular way to get to work amongst Near North Side folk. Commuting close to 20 minutes a day is the norm for those who opt to reside in this part of town.