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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.
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.