Dr. Gleb Tsipursky – The Office Whisperer
Cat Johnson – Coworking Marketing Maven
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Andrea Pirrotti-Dranchak – Competitive Advantage
Jonathan Price – CRE & Flex Expert
Jeremy Fennema – Tech Innovation Alchemist
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 coworking 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 here.
About The Instant Group
Founded in 1999, The Instant Group is a workspace innovation company that rethinks workspace on behalf of its clients injecting flexibility, reducing cost and driving enterprise performance. Instant places more than 7,000 companies a year in flexible workspace such as serviced, managed or co-working offices including Sky, Network Rail, Capita, Serco, Teleperformance, Worldpay making it the market leader in flexible workspace.
Its listings’ platform Instant Offices hosts more than 12,000 flexible workspace centres across the world and is the only site of its kind to represent the global market, providing a service to FTSE 100, Fortune 500, and SME clients. With offices in London, Newcastle, Berlin, Haifa, Dallas, New York, Miami, San Francisco, Hong Kong, Sydney, Singapore, and Kuala Lumpur, The Instant Group employs 230 experts and has clients in more than 150 countries. It has recently been included in the 2018 Sunday Times’ HSBC International Track 200. For more information, visit www.theinstantgroup.com.
