The typical asking rate per listing is in the $30's per square foot per year. The West Loop region is experiencing a an increase in rates. In the last 3 months, the median rate went up $11 per sqft per year. That's a 50% rise in rent.
Compared to the rest of the Chicagoland market, the West Loop submarket has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 2 listings have been listed, which means leases most likley are going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 12,710 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this area are close to 22 stories. Most buildings in this area were built in 1965 and are Class A.
This region is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this area. Commute by bike is the most popular way to get to work amongst West Loop folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.