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A Guide to Office Space in Chicago

Posted on: 6th January 2023

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A Guide to Office Space in ChicagoA Guide to Office Space in Chicago

Chicago is home to a bustling metropolis and has become home to many of America's most influential companies, start-ups, and entrepreneurs. With its diverse economy, plenty of resources, and talented workforce, Chicago is a great place for an office space rental to start or grow your business.

From food and fashion to tech and finance, businesses found here come in all shapes and sizes. The city is home to several Fortune 500 companies such as Boeing, Kraft Foods, McDonald's, Allstate Insurance, Motorola Solutions, United Airlines and Walgreens.

The Chicago tech industry is growing rapidly, thanks to the success of companies such as Groupon, Orbitz Worldwide, GrubHub, Braintree and Hailo.

In addition to traditional businesses, Chicago boasts a vibrant startup scene and has seen a surge in creative entrepreneurs launching fashion and design companies, food trucks and restaurants, craft breweries, and more. The city's diverse economy and lively culture make it an excellent place for aspiring business owners to establish themselves.

The top business areas in Chicago

The city has several large business and economic districts, including the West Loop, River North, Magnificent Mile, and South Loop. These areas are home to many corporate headquarters, restaurants, retail outlets and hotels. The Chicago suburbs also offer plenty of business opportunities, with several corporate headquarters located in the area and many entrepreneurs setting up shop.

Downtown Chicago

The heart of Chicago's business district, known as the Loop, is a hub for corporate America, with iconic buildings housing law firms, investment banks and other financial institutions. This downtown area runs along State Street, Madison Street and Wabash Avenue—although there are many other streets within the Loop. Here, businesses range from small start-ups to large corporate offices and continue to build up the city's economy by providing jobs for residents.

The Loop is home to the famed Chicago Board of Trade and the Federal Reserve Bank, which are important financial centres for the city. A plethora of restaurants, bars and retail stores also line the streets and add to the lively atmosphere.

If you're looking to be amongst organisations of all sizes and close to plenty of places for entertaining clients and catching up with colleagues, consider Downtown Chicago for your office rental.

South Loop

The South Loop is an up-and-coming business district located south of the downtown area near Grant Park and Soldier Field. This neighbourhood has seen a recent influx of businesses, including tech start-ups, financial institutions, and professional services firms.

Perfect for connecting and collaborating with other corporations, South Loop is a thriving, exciting and trendy place to set up an office.

West Loop

The West Loop is another famous business district in the city of Chicago. It lies just west of Downtown and is full of many well-known establishments such as Whole Foods, Google's Midwest headquarters, and Groupon's global headquarters. Boutique retail stores and unique restaurants have also flocked to this area, giving it an inspirational vibe.

The West Loop is also home to the famed Fulton Market District, which contains some of the city's trendiest restaurants and bars. It’s close to the United Centre, home of the Chicago Bulls and Blackhawks.

Combining history, sports entertainment, and plenty of places to entertain business prospects, consider the West Loop to establish an office space for your business.

Near North Side and Magnificent Mile

The Near North Side is the northernmost business district in Chicago. This area is well known for its upscale shopping on Michigan Avenue and a range of restaurants and bars. There has been an influx of start-ups and tech companies moving into the area, thanks to the vibrant culture and proximity to the Loop.

The Magnificent Mile—an eight-block stretch of Michigan Avenue—is home to many high-end retail stores, including Apple, Bloomingdales, and Neiman Marcus. It’s become a vital city business centre and continues to attract new businesses.

Searching for upmarket surroundings for your Chicago workspace? Then look no further than the Near North Side and the Magnificent Mile for a stylish environment for your business office rental.

River North

River North is a well-known business district located just north of the Loop. It’s seen tremendous growth in recent years due to its proximity to Downtown. Many upscale restaurants, bars and retail shops line the streets here, making it a popular destination for locals and visitors.

River North is also home to many corporate offices, such as JP Morgan Chase, Motorola, Hyatt Hotels & Resorts, and Groupon.

This area is also known for its nightlife, with numerous bars and clubs located within the neighbourhood. There are also plenty of shopping options, including several high-end boutiques and galleries. The acclaimed Merchandise Mart—once the largest store in the world—is also located here.

Consider the River North business district for your office space, where you’ll be well connected, with ample opportunities to socialise with new business prospects or your team.

Business Travel in Chicago

With its wide array of transportation options, Chicago allows businesses to stay connected and get around easily. Public transport in Chicago is one of the country's most affordable and accessible options. A reliable and frequent train and bus network connects almost every corner of the city, making it easy for businesses to reach their employees or customers. Alternatively, many companies use ride-sharing services like Uber or Lyft to get around the city.

Chicago is served by two main airports, O'Hare International Airport and Midway International Airport.  Alongside the city’s extensive public transportation system that includes buses, trains and elevated trains (the 'L'), there are also water taxis that connect many Chicago neighbourhoods.

Roads and highways make it easy to get around by car or bike, with bike share programs such as Divvy providing an alternative way to get around the city. Chicago is also home to America’s second-largest port - the Port of Chicago - on Lake Michigan. This makes it easy for businesses to move goods in and out of the city, making it an excellent location for logistics companies or any business transporting goods.

Chicago is a great option for business owners to rent an office, due to its convenient location and transportation options. With plenty of resources, networking opportunities and access to capital, the city is an attractive destination for businesses of all sizes. Whether you're a start-up or an established company, Chicago has plenty to offer entrepreneurs and business owners. With its diverse economic centres and spirited culture, Chicago is the ideal place to start or expand your business!

Chicago's entertainment

Chicago is known for having an eclectic and diverse culture and entertainment scene. There are numerous theatre companies, museums, galleries, music venues, bars, and restaurants to explore throughout the city. From Chicago’s iconic jazz clubs to classical concerts and year-round festivals like Lollapalooza, there's something for everyone to enjoy in the city. Whether you're looking for a night of culture to impress clients or just want a bite to eat and catch up with colleagues, Chicago has something for every taste and budget.

The city also offers various outdoor activities, from biking along the lakefront to ice skating in Millennium Park. Offering many parks and recreational areas, Chicago is the perfect place to relax and enjoy nature.

For business owners looking for a city that offers a range of cultural activities and entertainment options, Chicago has it all – from fine dining to live music venues and outdoor activities.

How much is it to rent office space in Chicago?

The cost of renting office space in Chicago varies depending on the size and location of the property. In general, offices in downtown areas tend to be more expensive than those outside the city centre. Rent can also vary significantly based on the amenities offered with the space, such as access to meeting rooms, high-speed internet, and shared office services. The table below gives you an approximate cost for offices in Chicago.

Area

Price range for office rent

(per person each month)

Downtown

From $195

South Loop

From $285

West Loop

From $235

River North

From $325

Chicago O'Hare

From $225

South Side

From $315

Near North Side & the Magnificent Mile

From $265

How to find an office space in Chicago

From dedicated desks in coworking spaces to fully furnished private offices, there are options for businesses of all sizes in Chicago. Wondering what you need to consider when choosing office space? The below information should help narrow down what you're looking for.

Transport accessibility

A convenient commute is on many people's must-have lists, whether you're working from the office full-time or regularly connecting with clients. Consider if it’s essential to be close to an airport or an L train stop or if you'd like to be further out of the city. 

Local services and amenities

What amenities outside of your working facilities do you need? Do you want to be close to many coffee shops, bars, and restaurants where you can catch up with clients and colleagues? Would you prefer an outside space or a local gym to get out and clear your head at lunchtime? If networking is important to you, maybe you'd like to be in an office block surrounded by businesses like yours? Alternatively, perhaps a serviced office space with everything you could need, all under one roof, would be ideal.

Opportunities for networking

How important is the opportunity to connect with others in your industry and beyond? Coworking spaces offer the perfect opportunity to connect and collaborate, whether you're looking to find new business connections or work alongside other business owners.

Space for business expansion

How quickly do you plan to grow your business? Are you looking for flexible office space in Chicago that could expand with you? Always keep your future in mind when looking at your new workspace.

Interesting facts about Chicago

If you are curious to know more before you decide on offices in Chicago, these exciting facts could help sway you:

Why you should rent an office in Chicago

Renting office space in Chicago is a great way to take advantage of the city’s wealth of resources, talent, and infrastructure. The city offers businesses easy access to transportation networks, world-class amenities, and an abundance of networking opportunities.

Many companies find Chicago an ideal location for business expansion due to its diverse economy, vibrant culture, and robust talent pool. Whether looking for a place to launch a start-up or looking to expand, there’s an office for every business. With its convenient location, flexible office leases, and attractive cost of doing business, Chicago is perfect for entrepreneurs and business owners alike.

With its diverse business community, Chicago is an ideal destination for companies looking to grow their operations or gain a foothold in the Midwest. Work your way with flexible offices in Chicago with Regus.

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