WeWork adding 2 locations in Chicago, bringing city total to nearly 1M sf
The co-working giant's latest plans signal a major expansion of its Fulton Market footprint
WeWork will open two new locations in Chicago, adding to its industry-leading footprint in the city’s booming co-working sector.
The New York-based company will open a 53,000-square-foot location at 1 South Dearborn Street in the Loop and a 140,000-square-foot outpost in the planned office building at 167 North Green Street in Fulton Market, WeWork confirmed to The Real Deal. The Dearborn location could open by September, while the Green Street office is planning a mid-2021 opening.
WeWork also has received a building permit to renovate three floors in 2 North LaSalle Street, according to city records, but the company would not comment on any plans it has for the location. The building’s owner, Hearn Company, did not respond to a request for comment.
The two new confirmed locations represent WeWork’s 10th and 11th outposts in Chicago, and would bring the co-working giant’s total local footprint to 930,000 square feet of office space, according to the company. WeWork announced its ninth Chicago location, at 222 South Riverside Plaza, in December. It also recently expanded its private events space service to Chicago.
The plans also represent a major expansion of its Fulton Market footprint. WeWork already has a location that occupies much of the 90,000-square-foot building at 220 North Green Street.
The new location, a block south of the existing one, will occupy three floors of the new office building planned by Shapack Partners and Focus Development, according to WeWork. Members there will have access to a rooftop deck and a town hall space that converts to a basketball court, as well as the regular WeWork amenities, according to the company.
The WeWork coming to Starwood Capital’s 1 South Dearborn will be its third location in the central Loop.
“With the addition of these two new locations, WeWork members have greater access to a campus-like ecosystem linking together innovative workspaces that allow them to cut their commute or meet a client in the area most convenient for them,” Megan Dodds, Midwest general manager for WeWork, said in a statement.
WeWork is the largest local player in Chicago’s exploding co-working market. Shared office space tenants have tripled their local footprint since 2014, accounting for about 2 percent of the overall office market as of July. WeWork controlled about 23 percent of the co-working market as of July, the biggest share of any firm.
Despite WeWork’s local dominance, a number of new co-working firms have entered or expanded their local presence. No18 and Bond Collective both plan to expand to Chicago, promising more upscale co-working experiences.
Industrious and Novel also have recently greatly expanded their offerings in Chicago.
COMPANIES AND PEOPLE