News of a less severe recession has sparked renewed interest in Chicago’s office market.
Flexible office firm IWG has revealed that it will open four locations under its HQ, Regus and Spaces brands across Illinois, including two in Chicago, one in the suburbs and one just outside of St. Louis.
This is part of the company’s overall strategy to add 500 U.S. locations following a spike in demand for flexibility in the post-pandemic era. In fact, VTS data shows that Chicago’s office demand has grown to 50% of its pre-pandemic average.
The coworking industry has been in a state of flux over the last few years, from mass closures during pandemic-era shutdowns to now experiencing newfound demand as companies wrestle with their work arrangements.
However, remote work models that drive demand for flexible offices aren’t set in stone. As society drifts further from recent lessons learned, managers have fallen back on old habits by requiring workers to return to the office.
Despite this, flexible offices still have an opportunity to serve as a stopping point for workers. But this will require leniency on behalf of managers who are eager to forget about the last three years.
