Dr. Gleb Tsipursky – The Office Whisperer
Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
Downtown Chicago’s real estate activity has been bustling and job growth is on the rise. Studies show that there is about 5 million square feet of office space under construction in Chicago. But at the heart of this growth is something more sinister, specifically the reliance on companies that are losing money at lightning speed.
WeWork is a standout example as more landlords become entangled in the coworking company. Currently, the firm is the largest tenant of downtown office space across 12 locations and is expected to expand even further.
“Landlords are clamoring to give WeWork space,” said Jack McKinney Sr., vice chairman at real estate firm Cushman & Wakefield.
But WeWork has experienced major financial losses, even losing $1.4 billion in the first half of 2019.
It is likely that landlords will find how to offer their own short-term deals, which will cut out flex space operators with weak finances. Still, coworking is expected to make a long-lasting impact on how offices operate.
In a world that has started banking on the short-term, workers with long-term priorities may have to adjust.
