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Chicago & Midwest  + Office  |  March 19, 2019
Paul Bubny
By: Paul Bubny

Coworking Tenants Fence Themselves in with Non-Competes

Coworking tenants in Chicago’s CBD have boxed one another, and themselves, into a corner with non-competes, preventing landlords from signing more than one of them to a property. More precisely, they’ve limited their options for Class A space, says Cushman & Wakefield.

Within the CBD, coworking firms occupy 2.6 million square feet, or 2% of CBD space. An additional 43.4 million square feet is fenced off with non-competes, or 33% of downtown space. Thus, according to Cushman & Wakefield, “coworking firms control 18 times what they occupy.”

In Class A, just 22 office properties have sufficient available space for coworking tenants. Due to non-competes, 62% of the Class A inventory is taken out of the equation.

Half the CBD’s coworking inventory is in the West Loop and River North. At present, there are 12 Class A availabilities for coworking firms in the West Loop, and just one in River North.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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