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.
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.
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.