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Chicago Dominates Flexible Workspace Market in Illinois

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Chicago Dominates Flexible Workspace Market in Illinois

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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.

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