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Yelp Puts Nearly Half Its Chicago Space on Sublease Market
Online review company Yelp listed nearly 60,000 square feet on the fourth floor at Vornado Realty Trust’s theMart for sublease, Crain’s Chicago Business reported, citing a marketing flyer from Cushman & Wakefield.
The move, which comes about 11 months into a public health crisis that has moved many office-using tenants to rethink their workspace needs, accounts for about 45% of Yelp’s office footprint in the building.
Yelp laid off or furloughed thousands of employees last year. However, a spokeswoman for San Francisco-based Yelp told Crain’s, “With more employees working remotely we’re reducing some of our footprint in Chicago, but will still maintain our office there,” the spokeswoman said.
Including Yelp’s listing, there were 5.3 million square feet of offices listed for sublease in downtown Chicago as of late January, according to CBRE. That’s almost twice as much as a year ago.
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