Another player is entering into Chicago’s increasingly competitive co-working market, with the goal of catering to higher-end business clients.
Upscale co-working firm No18 will lease two of three penthouse floors at the 55-story 110 North Wacker Driver, which is being developed by the Howard Hughes Corporation and Riverside Investment & Development, according to Crain’s.
No18 bills itself as a “cosmopolitan members’ club for business,” according to its website. The Chicago location will include an outdoor terrace.
The firm is owned by Swiss company International Workplace Group, which also owns Regus and Spaces, according to Crain’s.
The location at 110 North Wacker will be No18’s second office in the United States after another in Atlanta. Chicago-based Riverside and Dallas-based Howard Hughes are expecting to deliver the new Bank of America-anchored office tower late next year.
Chicago’s co-working industry has tripled in four years, with shared-office firms now controlling about 2 percent of the Downtown office market. The growth does not appear to be slowing, thanks in no small part to industry leader WeWork’s continued expansion in the city.
Chicago-based Novel Coworking, meanwhile, expanded its office suite at 211 West Wacker Drive earlier this month and also recently opened its fifth location in the city. Industrious opened its biggest local outpost late last year with a 47,000-square-foot lease at 500 West Madison Street. [Crain’s] — Joe Ward