Two new co-working spaces opened in Chicago this spring, built by Spaces, an Amsterdam-based company that creates and manages co-working offices throughout the world.
The two Chicago locations in Lincoln Park and Fulton Market opened March 26 and April 2, respectively. The 24,300-square-foot Lincoln Park location has more than 240 dedicated desks, with memberships starting at $254 per month. The Fulton Market location, which sits at 39,700 square feet, has more than 375 dedicated desks, with memberships starting at $269 per month.
Spaces is entering an already crowded market of co-working spaces in Chicago. A Chicago Inno analysis last fall found that there are more than 120 co-working spaces in the city, and the number has continued to grow. Many of them are local, independently-owned co-working offices, but even the more corporate companies, like Level Office and WeWork, have upped their presence in Chicago. WeWork now has six locations in the city, and Level Office has four.
Spaces expanded to Chicago because of the apparent demand for co-working spaces in the city as its tech and startup scene has continued to grow, said Michael Berretta, the vice president of network development in North America for IWG, Spaces’ parent company.
Berretta said they chose Lincoln Park for its easy-going neighborhood vibe, and opted for Fulton Market because of its recent explosion as Chicago’s next business tech hub. Both WeWork and Level Office have co-working locations there, and many other startups and tech companies have put their offices in the neighborhood as well.
“We love Chicago,” Berretta said. “It’s one of the top five metro areas in the U.S. that we’re located in. The business community there is very much in line with our growth trajectory.”
Berretta wouldn’t disclose how many people are currently working out of the two Chicago locations, but said there is “terrific demand for both.” Besides workspace, tenants receive the usual co-working amenities, like high-speed internet, unlimited coffee and of course, the opportunity to network with other like-minded entrepreneurs.
Globally, Spaces has nearly 200 locations, with 45 in the U.S., Berretta said. But by the end of this year, they plan to have about 100 throughout the country.
“As the market has begun to shift more from conventional real estate to more flexible types of work environments, we have met that demand with Spaces,” Berretta said. “We want to make sure that we have a Spaces presence in all the major North American cities—some suburban, some urban.”
As part of Spaces’ expansion plans, Berretta said more Chicago locations are likely to open in the future, though he wouldn’t share details on any specific developments.
“We’ll continue to expand throughout the entire Chicago area, out into the suburbs as well,” Berretta said. “We think it’s going to be a nice addition to our Chicago network.”
