Also in the news...
Apply to use simplified declarations for imports you entered in your records without authorisation
Choose how you’ll make supplementary declarations for goods that you entered into your own records without authorisation.
UKEF backs Leicester sustainable packaging firm in Australian expansion
UK Export Finance announces support for a UK luxury sustainable packaging company to expand into new foreign markets.
Hundreds of new UK jobs as Nigerian companies confirm millions in investment
Hundreds of new UK jobs are set to be created as Nigerian companies scale up their operations, reinforcing Britain's position as a leading global business hub.
Chancellor lands major investment with Spain as she prioritises closer ties with Europe
Rachel Reeves visits Madrid to meet 120 of Spain’s top businesses and investors and Minister of Economy, Trade and Business Carlos Cuerpo
France: providing services and travelling for business
Guidance for UK businesses on rules for selling services to France.
Chicago Dominates Flexible Workspace Market in Illinois
With a high demand for office space in Chicago,
more businesses are turning to the growing flexible workspace market to secure space in Chicago’s most prominent areas, according to a recent report by Instant Offices. With an average desk cost of $823 per person per month, businesses are swapping the hidden cost of conventional leases for agile workspaces and flexible terms.
AREA | AVERAGE DESK COST |
Chicago | $823 |
Loop | $775 |
Central Chicago | $1080 |
With strong connections to European and Asian markets and the North American Free Trade zone, Chicago’s thriving start-up culture, large talent pool and bustling creative ecosystem places the region at the center of global commerce. Prominent business sectors include manufacturing, technology, energy and finance.
While co-working is popular and well-known country-wide, serviced and hybrid offerings dominated the market in Chicago over the last year, with serviced offices growing by 37% and hybrid spaces (a combination of executive suites and co-working spaces) seeing massive 52% growth.
Data shows flexible workspace in Illinois has grown 19%, while neighbouring states Indiana, Michigan and Wisconsin saw an increase of 6%, 11% and 13% respectively.
STATE | AVERAGE DESK RATE | ||
Illinois |
| $956 | |
Missouri |
| $832 | |
Tennessee |
| $820 | |
Michigan |
| $694 | |
Ohio |
| $668 | |
Iowa |
| $581 | |
Wisconsin |
| $560 | |
Indiana |
| $542 | |
Kentucky |
| $537 | |
Arkansas |
| $530 | |
| |||
Source: Annual US Market Summary
In fact, more than 20 years of data shows businesses can save up to 73% by choosing flexible office space over conventional leased space in the world’s major cities.
While the largest markets in the US – Texas, California and New York – have grown by an average of 12% YoY, it is the emerging markets that have shown the most robust growth over the last year.
Explore flexible office space options across Chicago.