The typical asking rate per listing is in the $30's per square foot per year. The Downtown Chicago submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 7% decrease in rent.
Compared to the rest of the Chicagoland market, the Downtown Chicago region has greater rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 378 listings have been made available, so you'll want to check back regularly for new listings. About 9% of the available space in the Downtown Chicago are subleases, so you will probably have to focus your search on direct office leases. 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 3,580 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this area are close to 12 floors. Most buildings in this area were built in 1929 and are Class A.