On average, listings lease in the $30's per square foot per year. The Near North Side region is experiencing a decrease in rates. In the last 3 months, the median rate fell $2 per sqft per year. That's a 5% decline in rent.
Compared to the rest of the Chicagoland market, the Near North Side submarket has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 128 listings have been made available, so you'll want to check back regularly for new listings. About 4% of the listings in the Near North Side are subleases, so you will probably have to consider a longer term lease. 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 2,770 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 6 stories. Most buildings in this area were built in 1926 and are Class B.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Public administration is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst Near North Side occupants. Commuting around 20 minutes a day is the norm for those who opt to reside in this part of town.