The typical asking rate per listing is in the $30's per square foot per year. The West Loop submarket is experiencing a a rise in rates. In the last 3 months, the median rate increased $9 per sqft per year. That's a 30% rise in rent.
Compared to the rest of the Chicagoland market, the West Loop submarket has higher rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 2 listings have been posted online, which means office spaces are probably going fast. You'll want to be prepared to make an offer immediately. 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 1,750 sqft. Most buildings in this market are close to 22 stories. Most buildings in this market were built in 1965 and are Class A.
This market is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this market. Commute by bike is the most popular way to get to work amongst West Loop residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.