On average, listings lease in the $30's per square foot per year. The South Loop submarket is experiencing a an increase in rates. In the last 3 months, the median rate increased $3 per sqft per year. That's a 9% rise in rent.
Compared to the rest of the Chicagoland market, the South Loop submarket has higher rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 22 listings have been made available, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,350 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are around 4 floors. Most buildings in this market were built in 1920 and are Class B.