The typical asking rate per listing is in the $30's per square foot per year. The South Loop region is seeing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 4% decline in rent.
Compared to the rest of the Chicagoland market, the South Loop submarket has higher rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 21 listings have been made available, which means listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 95% of the listings in the South Loop 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 2,290 sqft. Most buildings in this region are close to 4 floors. Most buildings in this area were built in 1925 and are Class B.