Co-working space company expands in downtown Chicago

International Workplace, a Swiss company that provides office space for other businesses, expanded its Chicago presence with a push into the Bank of America building.

The company signed a 10-year lease for 29,000 square feet at 110 N. Wacker Drive, according to the Chicago Business Journal. It’s the company’s 49th location between Chicago and its suburbs.

IWG leases out the space it rents on a flexible basis. Companies can rent long-term or for just a few days, according to its website. Companies can customize offices and IWG provides Wifi and IT support. Co-working space is also available.

“The shift away from long-lease permanent offices had been growing steadily years before Covid-19 but the pandemic has catalyzed the hybrid working revolution,” Joanne Sicher, area sales manager for Regus, an IWG entity, told the Business Journal. “Adoption of the hybrid model also allows companies to reconsider their need for office space – and scaling back or choosing a new kind of real estate can lead to significant cost savings.”

The pandemic has also caused IWG to rethink the way it does business. It closed 4 percent of its 3,400 locations globally and put many of its U.S. locations into bankruptcy. Its share price has bounced back after a dismal 2020.

Sicher said IWG added 2 million customers globally in 2021, according to the Business Journal.

[Chicago Business Journal] – Harrison Connery