The typical asking rate per listing is in the $10's per square foot per year. The Pilsen submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $11 per sqft per year. That's a 40% decrease in rent.
Compared to the rest of the Chicagoland market, the Pilsen region has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 2 listings have been listed, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 50% of the available space in the Pilsen are subleases, so you might be able to find a shorter term or below market rent. 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 450 sqft. Most properties in this market are around 3 stories. Most buildings in this market were built in 1912 and are Class C.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Pilsen folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.