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No Slowdown Ahead for Co-working’s CBD Growth
As WeWork’s recent commitment to 140,000 square feet at the under-construction 167 N. Green St. (pictured) attests, the co-working sector is growing aggressively in downtown Chicago and could expand its local footprint by more than one-third in 2019.
At the end of the first quarter, co-working firms including WeWork, Convene and Industrious had leased some 2.2 million square feet in the CBD, NKF says in its Q1 report on Chicago office. The firm expects the total to reach three million square feet by year’s end.
“While some industries slowed expansion at the start of 2019, co-working was not one of them,” according to NKF.
A key factor in co-working’s growth has been its expanding tenant base. “Although co-working space started as a suitable option for small or independent businesses technology start-ups, it has gained more conventional users in the past few years, driving the need for larger facilities,” NKF says.
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