The typical asking rate per listing is in the $20's per square foot per year. The Valparaiso submarket is seeing a a rise in rates. In the last 3 months, the median rate went up $2 per sqft per year. That's a 10% increase in rent.
Compared to the rest of the Chicagoland market, the Valparaiso submarket has lower rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 3 listings have been listed, which means leases most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 133% of the office spaces in the Valparaiso 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 posted, so finding a space for a small business might be tough.
Even though the median size is 5,200 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are around 2 floors. Most buildings in this market were built in 1979 and are Class B.