Most listings are in the $30's per square foot per year. The West Loop submarket is going through a a boost in rates. In the last 3 months, the median rate increased $9 per sqft per year. That's a 44% rise in rent.
Compared to the rest of the Chicagoland market, the West Loop submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 17 listings have been listed, which means new listings are probably going fast. You'll want to be prepared to make an offer immediately. About 24% of the office spaces in the West Loop are subleases, so you might be able to find a shorter term or below market rent. 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 8,590 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are around 22 stories. Most buildings in this market were built in 1965 and are Class A.
This market is fairly equally mixed residential and commercial. Finance and insurance are the dominant industries in this region. Commute by bike is the most popular way to get to work amongst West Loop folk. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.