On average, listings lease 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 decreased $1 per sqft per year. That's a 3% decrease in rent.
Compared to the rest of the Chicagoland market, the Downtown Chicago region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 224 listings have been made available, so you'll want to check back regularly for new listings. About 6% 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 available, so finding a space for a small business might be tough.
Even though the median size is 3,030 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this region are approximately 13 floors. Most buildings in this market were built in 1929 and are Class A.