Chicago Loop Office Space for Rent

Flexible & Professional Office Suites Chicago Loop

Offices.net is pleased to present [number] exceptional private and shared office suites and coworking space available in the highly sought after Chicago Loop area. These workspaces are available on flexible contracts with the option of an immediate move in date and all the business support services you need, without the hassle and additional expense of a long term conventional lease.

Our office suites and coworking spaces provide an ideal solution to working in Chicago Loop, and in many cases also offer the option of adding or reducing the amount of space rented at short notice. This type of flexibility may be ideal for start-ups and companies that are likely to grow fast, as well as for project teams, and new branch offices.

Select one or more of the executive office suites or coworking spaces for rent in Chicago Loop listed above to find out more, or submit the form and we'll be in touch to discuss your requirements.

Chicago Loop Office Space Costs and Availability

The Chicago commercial real estate market's office sector is thriving here. Office space in The Loop mostly consists of high-rise office buildings constructed in the early 20th century. Despite its small size, The Loop, Chicago IL is home to almost half of the city's total office inventory, and the main occupiers are organizations involved in finance, banking, insurance, real estate.

This market evidences healthy indicators across the board and is still considered Chicago's top office location. More than 100 million square feet of office space are built in The Loop, and are sub-divided into Central, East, and West Loop areas.

East Loop is mostly home to Class B offices with a few new developments being added sporadically, and is characterized by high vacancy levels of over 21 percent, and tenants in the creative, non-profit, and educational sectors.

The Central Loop sub-market has lower vacancy rates and offers a balanced mix of Class A, B and C space, being popular with professional services firms.

Lastly, the newest and best equipped Chicago properties in are in West Loop, an area where most new developments are taking place and where office units are in high demand by tech, creative and corporate tenants.

In mid 2017, Central Loop average asking rents were $37 / sq ft / year, although they were lower in East Loop, which is considered the most tenant-friendly market in the district. West Loop offices average rates above $40 / sq ft / year.

Overall, this is mainly a landlord market with rental rates exceeding historic highs in many areas and decreasing availability, especially when it comes to high rise Class A offices in Chicago's West Loop. Looking ahead, new deliveries are set to make the office market even more competitive, which may benefit tenants since landlords will be required to offer more attractive packages and better concessions .

Why Rent Office Space in Central Loop

Chicago's Central Business District (also known as The Loop) is a 1.6 square mile area that serves as the commercial and financial heart of the city. This historic district has been instrumental to the development of the city's economy since its early days.

Financial activities have always been the mainstay of this district, and in particular derivatives and futures trading. In fact, The Loop is known as the capital of the derivatives sector, since it supports more than direct 45,000 jobs and many others in associated roles such as legal and accountancy services.

This area has also been a retail and leisure hub since the late 19th century, and later on, the infrastructure and public access improvements made during the 1970s and 1990s added to The Loop's reputation as a shopping, tourism, and leisure destination. The government sector is also important considering that Cook County authorities are based in the district.

Some of the most important employers that chose The Loop as the location for their headquarters include AON, CME Group, Blue Cross Blue Shield, Exelon, Jones Lang LaSalle, Morningstar, Strategic Hotels and Resorts, Northern Trust, and CNA Financial. The district has the highest concentration of jobs in Illinois state, since according to the Chicago Loop Alliance there are nearly 300,000 private sector jobs here, in addition to over 30,000 roles in government institutions.

The largest occupational groups are professional, scientific and technical services, followed by finance and insurance, healthcare, and social assistance. In addition, admin support activities account for 10 percent of all jobs in The Loop.

Chicago Loop has a bustling business community. Businesses based here have access to a fast-growing resident population with growth rates of over 100 percent and a median age of 30 years old. Various types of support are available to businesses interested in expanding or relocating to this area. A full list of all business support schemes is available from the Chicago Loop Alliance.

Rent Chicago Loop Office Space

If you are looking for Chicago Loop office space for rent, Offices.net is the place to find it! With private offices, virtual offices, commercial space, industrial space options, retail space for lease and more - we will do our best to secure your ideal Chicago offices in the Loop.

With Central, South Loop and West Loop office space for lease - you are sure to find the ideal commercial space, private offices, or virtual office space for lease in Chicago IL.

Much of the office space for lease includes features such as onsite parking, bike racks, executive suites, dedicated desks, event space, private meeting space, air conditioning, business lounge and more! Look no further than Offices.net for fantastic Chicago office spaces in the Loop.