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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.
AVERAGE DESK COST
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.
AVERAGE DESK RATE
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.