On average, listings lease in the $30's per square foot per year. The South Loop submarket is going through a decline in rates. In the last 3 months, the median rate decreased $4 per sqft per year. That's a 11% decrease in rent.
Compared to the rest of the Chicagoland market, the South Loop submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 21 listings have come on the market, which means new listings are probably going fast. You'll want to be prepared to make an offer immediately. 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 2,670 sqft, there are still 0 leases below 2,000 sqft. Most buildings in this market are close to 4 stories. Most buildings in this region were built in 1922 and are Class B.