Even as Chicago is the third-largest flexible office space market in the U.S., with approximately 3.8 million square feet, CBRE says the sector has room to grow here. Flexible space accounts for 1.6% of Chicago’s total office inventory, up from 1.2% a year ago but below the national average of 1.8%.
“Flex space has been a significant driver of leasing activity in Chicago, as it has become a popular strategy for both start-ups and corporate users across myriad industries,” said Jamie Georgas, senior managing director of CBRE’s Chicago office and leader of the Chicago occupier practice. “We see this trend continuing in the foreseeable future, as both large-scale and niche flex providers are expanding at a rapid pace to meet this demand.”
While flexible space can be found across the majority of Chicago’s downtown submarkets, the West Loop accounts for the largest portion, with 20.9% of the sector’s local inventory there.
Pictured: Assemble West Loop at 600 W. Jackson Blvd.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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