Chicago Loop, or The Loop, is Chicago’s central business district and downtown core. The Loop is one of the most iconic areas of Chicago and contains a variety of tourist attractions and world-class architecture. The skyline boasts some of the world’s tallest buildings, such as the Willis Tower (formerly the Sears Tower), 311 South Wacker Drive, and the AT&T Corporate Center. The majority of the city looks like a work of art; it contains outdoor sculpture pieces by Pablo Picasso, Alexander Calder, Joan Miro, and more.
Chicago Loop is the nation’s largest commercial district with the exception of Manhattan. About 27% of Chicago’s workforce is based within The Loop, along with 45% of the city’s office space. Aon Corporation, Chase Bank, United Airlines, Blue Cross Blue Shield, and United Continental Holdings all have offices or headquarters here.
Chicago Loop Office Space | Lease Data and Trends
Chicago Loop has a massive commercial real estate inventory: it houses more than 105 million square feet of office space in total. Businesses searching for a new home will find plenty of options because just over 13% of spaces are vacant and available for rent. Rental prices are very reasonable. On average, renters can expect to pay about $35 per square foot to rent space. Of course, prices vary depending on location. When it comes to commercial real estate, The Loop is typically divided into several areas: Central Loop, West Loop, East Loop, and Far West Loop. Rental prices in Far West Loop tend to be cheapest, averaging just over $28/sqft; next is East Loop at $34.18/sqft; slightly more pricey is Central Loop, at just under $37/sqft; and most expensive is West Loop, at $42/sqft.
What Our Brokers Say About Office Space in The Loop
Chicago’s Central Business District is only about 1.58 square miles—or 4.09 square kilometers—in size. The Chicago River borders it to the north and west, Lake Michigan rests to the east, and Roosevelt Road runs along the southern border.
Chicago Loop is a tourist destination, Chicago’s business center, the location of City Hall and the city’s financial center, a hub for theater and arts, and a popular place to live. Common industries include government financial, legal, and creative. A growing number of corporations have headquarters or offices here including CNA Financial Corporation, Exelon Corporation, GrubHub, Hyatt Hotels Corporation, LKQ Corporation, Navigant Consultant, and Northern Trust Corporation.
Even if you find the most ideal office space on the map, everyone needs to get out of the office for a change of scenery sometimes, and The Loop offers many options for doing so. If you’re looking for a place outside the office to host a meeting or just want something delicious to eat for lunch, check out Prime & Provisions, Roanoke Restaurant, The Dearborn, The Marq, or Rivers.
Chicago Loop is a popular place to work for some of the same reasons it’s a popular tourist destination. For example, visitors and locals alike can enjoy the many beautiful landmarks and pieces of art that are scattered throughout the city. Whether you’re taking a walk for some exercise or just getting from point A to point B, be sure to check out Chicago’s iconic Bean, State Street’s window shopping possibilities, Millennium Park’s architectural genius, and the Chicago Riverwalk’s shoreline views.
Find Chicago Loop Office Space for Rent | Popular Areas
Chicago Loop contains several unique neighborhoods with varying features and amenities. Those looking for office space in The Loop will want to learn more about specific areas to determine which parts of the city might be best to focus on during the search. Here are a few of the area’s popular neighborhoods.
This historic district, also called LaSalle Street Historic District, includes Chicago’s financial center and some government-related buildings. The Federal Reserve Bank of Chicago and Chicago City Hall are both here. In 2013, this neighborhood was named on the National Register of Historic Places.
The area between Lake Michigan and the Chicago River south of Congress Parkway is often called South Loop. South Loop contains old rail yards, residential buildings that used to be warehouses and factory lofts, and Columbia College Chicago.
This mixed-use district is bordered by the Chicago River to the north, Randolph Street to the south, Lake Shore Drive to the east, and Michigan Avenue to the west. The Aon Center, Prudential Plaza, Park Millennium Condominium Building, and the Hyatt Regency Chicago are all here.
This neighborhood, also sometimes called Printing House Row, rests in the southern end of The Loop. Most of its buildings were originally constructed for printing and publishing houses but have since been converted to residential buildings.
Loop Retail Historic District
The Loop is famous for its historic landmarks and shopping experiences, many of which are in the Loop Retail Historic District. Some examples are former department store flagship locations Marshall Field and Company Building and the Sullivan Center.
Another popular and centrally located neighborhood to rent office space is River North, which features more than 15 million square feet of office space renting at an average price of around $40 per square foot, and $44 for space in a Class A building.
Transportation in Chicago Loop
The Loop is known as the most accessible area in Chicago because of its many close by transportation options. By train, the average commute to work takes around 45 minutes. The Chicago Transit Authority (CTA), Amtrak, and Meta provide numerous train lines for visitors and residents to get where they need to go. About one million people commute to work by bus every day. Popular bus options include 20 Madison and 147 Express.
Though locals often get around by taxi, driving personal vehicles is uncommon; traffic is usually excessive enough to make the drive frustratingly slow. Those who like to get some exercise while getting to work will be happy to learn that Chicago is considered one of the most cycling friendly cities in the states because of its flat landscape. If you need to travel to and from the city from elsewhere in the states, just use Chicago O’Hare or Midway International Airport, which are easily accessible via the Blue and Orange lines, respectively.