{"id":1004773902,"date":"2025-10-16T06:01:27","date_gmt":"2025-10-16T14:01:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004773902"},"modified":"2025-10-17T03:49:13","modified_gmt":"2025-10-17T11:49:13","slug":"chicagos-office-sector-still-struggles","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicagos-office-sector-still-struggles\/","title":{"rendered":"Chicago&#8217;s Office Sector Still Struggles"},"content":{"rendered":"\n<p>Chicago\u2019s office sector continued to struggle in the first eight months of this year, according to Yardi Matrix data. The metro lagged behind all gateway markets for average sale prices, despite ranking in the middle for investment volume. Its development pipeline was among the lowest nationally as well, although completions registered respectable figures. <\/p>\n\n\n\n<p>However, the Windy City&#8217;s office vacancies remained nearly at the same level as last year&#8217;s. Furthermore, the market saw the biggest year-over-year <a href=\"https:\/\/www.commercialsearch.com\/news\/office-visits-spike-in-these-cities\/\">office visit recovery<\/a> this August, according to Placer.ai. <\/p>\n\n\n\n<iframe title=\"Office Vacancy Rate in Gateway Markets\" aria-label=\"Table\" id=\"datawrapper-chart-2jMst\" src=\"https:\/\/datawrapper.dwcdn.net\/2jMst\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"469\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-development-activity-below-national-figures\">Development activity below national figures<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a387ba1e32d0&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004762686\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chicago-office-redevelopment-enters-phase-2\/west-side-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/West-Side-Square.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1736732155&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"West Side Square\" data-image-description=\"&lt;p&gt;Rendering of the piazza within West Side of Bell Works Chicagoland, an office redevelopment in Hoffman Estate, Ill.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 500,000-square-foot project West Side of Bell Works Chicagoland will also comprise the construction of an indoor piazza. Image courtesy of Inspired by Somerset Development, npz studio+ and Wight &#038; Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/West-Side-Square.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/West-Side-Square.jpg\" alt=\"Rendering of the piazza within West Side of Bell Works Chicagoland, an office redevelopment in Hoffman Estate, Ill.\" class=\"wp-image-1004762686\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/West-Side-Square.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/West-Side-Square.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/West-Side-Square.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 500,000-square-foot West Side of Bell Works Chicagoland will also comprise an indoor piazza. <em>Image courtesy of Inspired by Somerset Development, npz studio+ and Wight &amp; Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Chicago\u2019s office development pipeline at the end of August comprised 490,876 square feet, representing 0.2 percent of its total inventory. The index accounted for a third of the national threshold. The metro lagged behind all gateway markets, while Boston (5.6 million square feet) and Manhattan (3.4 million square feet) took the lead nationally.<\/p>\n\n\n\n<p>When also taking into account planned projects, Chicago\u2019s share out of total stock reached 0.6 percent, still well below the 1.9 percent U.S. figure. The market was surpassed by all its peers, with Austin and Boston (each at 6 percent) ranking first in the country.<\/p>\n\n\n\n<p>This summer, Inspired by Somerset Development broke ground on <a href=\"https:\/\/www.commercialsearch.com\/news\/chicago-office-redevelopment-enters-phase-2\/\">the second phase of Bell Works Chicagoland<\/a>, a 1.6 million-square-foot complex in Hoffman Estates, Ill. The redevelopment of AT&amp;T\u2019s former campus, that has been vacant since 2016, is one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-chicago\/\">top projects reshaping Chicago<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/wire-special-report-office-remains-resilient-in-major-markets\/\">Office Remains Resilient in Major Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>As for completions, the metro saw only three properties totaling 447,370 square feet coming online in the first eight months of 2025. Deliveries dropped almost 90 percent year-over-year; however, the Windy City occupied a median position among similar markets, surpassing Seattle (377,788 square feet), Los Angeles (171,760 square feet) and Manhattan (49,194 square feet).<\/p>\n\n\n\n<p>One of Chicago&#8217;s completed projects was Hyde Park Labs, a 302,388-square-foot life science building developed by Trammell Crow Co. and Beacon Capital Partners. The duo <a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-beacon-deliver-chicago-life-science-building\/\">delivered the facility<\/a> in July.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sale-prices-lag-gateway-peers\">Sale prices lag gateway peers<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a387ba1e4c64&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"410\" height=\"512\" data-attachment-id=\"1004773912\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chicagos-office-sector-still-struggles\/311-south-wacker-drive\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/311-South-Wacker-Drive.jpg\" data-orig-size=\"410,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"311 South Wacker Drive\" data-image-description=\"&lt;p&gt;Image from Yardi Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 1.3 million-square-foot building traded for $45 million. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/311-South-Wacker-Drive.jpg?w=410\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/311-South-Wacker-Drive.jpg\" alt=\"Exterior shot of 311 South Wacker Drive, an office building in Chicago.\" class=\"wp-image-1004773912\" style=\"width:auto;height:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/311-South-Wacker-Drive.jpg 410w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/311-South-Wacker-Drive.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 410px) 100vw, 410px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 1.3 million-square-foot building at 311 S. Wacker Drive traded for $45 million. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Chicago\u2019s office investment activity reached $826 million year-to-date as of August, placing the metro in the lower half among gateway markets. Manhattan ($5 billion) lead nationally, while Miami ($341 million) and Seattle ($248 million) were at the opposite pole.<\/p>\n\n\n\n<p>Chicago assets traded for $60 per square foot on average, less than a third of the $190 per square foot national value. The metro posted the lowest sale price among the top 25 markets. Once again, Manhattan ranked first, at $528 per square foot.<\/p>\n\n\n\n<p>One of the largest properties to change hands in the second half of the year was a 1.3 million-square-foot office tower at 311 S. Wacker Drive in Chicago. Kohan Retail Investment Group acquired the asset from Zeller Realty Group for $45 million or roughly $35 per square foot, Yardi Matrix shows. The sale price marked an 85 percent discount from the property\u2019s 2014 trade. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chicago-s-office-vacancy-rate-still-steady\">Chicago\u2019s office vacancy rate still steady<\/h2>\n\n\n\n<p>Chicago\u2019s office vacancy rate at the end of August clocked in at 19.1 percent, 40 basis points above the national average, but only 10 basis points higher year-over-year. Among gateway metros, Seattle (27.2 percent) and San Francisco (25.9 percent) had the most available space, while Manhattan (13.6 percent) and Miami (14.3 percent) occupied the ranking&#8217;s first two positions.<\/p>\n\n\n\n<p>The metro\u2019s average listing rate at the end of the same month reached $28, up by 1.5 percent over the year. Among gateway markets, Boston (11.2 percent) and Miami (8.8 percent) posted the highest year-over-year upticks, while Houston (-8 percent) and Los Angeles (-4.3 percent) were at the other end of the spectrum.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a387ba1e5411&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"677\" height=\"508\" data-attachment-id=\"1004764962\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pgim-signs-chicago-mob-lease-renewal\/pavilion-a\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Pavilion-A.jpg\" data-orig-size=\"677,508\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1752509514&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Pavilion A\" data-image-description=\"&lt;p&gt;Exterior shot of Pavilion A, a medical office building in New Lenox, Ill.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Pavilion A is within the Silver Cross Hospital campus and 39 miles from downtown Chicago. Image courtesy of NAI Hiffman&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Pavilion-A.jpg?w=677\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Pavilion-A.jpg\" alt=\"Exterior shot of Pavilion A, a medical office building in New Lenox, Ill.\" class=\"wp-image-1004764962\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Pavilion-A.jpg 677w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Pavilion-A.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 677px) 100vw, 677px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Pavilion A is within the Silver Cross Hospital campus and 39 miles from downtown Chicago. <em>Image courtesy of NAI Hiffman<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In one of the largest leasing agreements in the metro this year, <a href=\"https:\/\/www.commercialsearch.com\/news\/baxter-spinoff-leases-bulk-of-chicago-area-office-campus\/\">Vantive signed up for almost 670,000 square feet<\/a> at the Corporate 500 office campus in Deerfield, Ill. Opal Holdings owns the four-building complex, which has been subject to a foreclosure process since 2023, after remaining vacant a year before.<\/p>\n\n\n\n<p>In July, <a href=\"https:\/\/www.commercialsearch.com\/news\/pgim-signs-chicago-mob-lease-renewal\/\">Silver Cross Hospital renewed<\/a> its 87,461-square-foot commitment at Pavilion A, PGIM&#8217;s 174,855-square-foot medical outpatient facility in New Lenox, Ill. The deal closed almost two years ahead of the original lease\u2019s expiration date, underscoring <a href=\"https:\/\/www.commercialsearch.com\/news\/medical-office-real-estate-trends-to-watch\/\">medical office real estate trends<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-coworking-share-above-u-s-average\">Coworking share above U.S. average<\/h2>\n\n\n\n<p>Chicago\u2019s coworking sector comprised 8.6 million square feet at the end of August, ranking second only to Manhattan (12 million square feet). This accounted for 2.6 percent of the market&#8217;s total office stock, 50 basis points above the 2.1 percent U.S. average.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a387ba1e5b99&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004757532\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/workbox-to-open-its-largest-us-coworking-space\/workbox_workspace\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Workbox_Workspace.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Workbox_Workspace\" data-image-description=\"&lt;p&gt;Interior rendering of the new coworking location in Chicago, within the Civic Opera Building. The picture shows a lounge area.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 68,000-square-foot coworking space will include lounges, public outdoor space and conference rooms, as well as a workout facility. Image courtesy of Workbox&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Workbox_Workspace.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Workbox_Workspace.jpg\" alt=\"Interior rendering of the new coworking location in Chicago, within the Civic Opera Building. The picture shows a lounge area.\" class=\"wp-image-1004757532\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Workbox_Workspace.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Workbox_Workspace.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/05\/Workbox_Workspace.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Workbox&#8217;s 68,000-square-foot coworking space includes lounges, public outdoor space and conference rooms, as well as a workout facility.<em> Image courtesy of Workbox<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Regus remained the largest coworking provider in Chicago, with more than 1.1 million square feet across 51 locations. The company was followed by Braveheart (775,266 square feet) and Expansive (686,900 square feet).<\/p>\n\n\n\n<p>Workbox is a flex office operator with a rather small Chicago footprint, amounting to nearly 310,000 square feet. However, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/workbox-to-open-its-largest-us-coworking-space\/\">opened its largest U.S. coworking location<\/a> in the city&#8217;s downtown area earlier this year. The 68,000-square-foot space spans two stories within the Civic Opera Building, a century-old landmark.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>However, one of the market&#8217;s indicators is on par with last year\u2019s figures, according to Yardi Matrix data.<\/p>\n","protected":false},"author":3355,"featured_media":1004762686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,22251,21783,52420,13,21742,21747],"tags":[51047],"class_list":["post-1004773902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-in-focus","category-investment","category-market-updates","category-midwest","category-latest","category-office","tag-marketupdate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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