The typical asking rate per listing is in the $40's per square foot per year. The River North submarket is going through a an increase in rates. In the last 3 months, the median rate went up $5 per sqft per year. That's a 13% rise in rent.
Compared to the rest of the Chicagoland market, the River North region has greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 26 listings have come on the market, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 27% of the listings in the River North are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 3,190 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are approximately 6 stories. Most buildings in this region were built in 1920 and are Class B.
A large portion of this region is residential, but there's plenty of office_space. Health care is the dominant industry in this region. Commute by bike is the most popular way to get to work amongst River North residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.