As Google moves out, coworking giant WeWork is moving into the River North space in Chicago. The 105,000 square foot building at 20 W. Kinzie St. will be the new home for the WeWork team. This $5 billion company, as it was valued in December, will make history in Chicago. According to Skokie-based Alter Group, which owns the 17-story office building, it’s the largest deal by a coworking firm ever in Chicago. What does this monumental deal mean for the world of coworking in the Chicago area and beyond?
The old way of working was based on face-time. The level of productivity was determined by the amount of time spent at your desk. This is no longer the case: telecommuting and coworking allow workers a great flexibility in when and where they choose to work.
Having such a high-profile deal really puts the spotlight on coworking not only in Chicago, but across the nation from New York to San Francisco. As a result of this deal, more people will be introduced to the concept of coworking than ever before.
Currently, coworking is a solution mostly employed by solopreneurs and small businesses. However, with WeWork’s presence in many big cities, more national companies may be able to appreciate what coworking has to offer. This is a significant step for the coworking industry.
Coworking spaces bring many benefits to those that take advantage of them including: WiFi, printing, meeting spaces and common areas. These amenities allow others to work as if they were in an actual office without the time and location restraints.
Coworking also promotes the exchange of ideas through networking. Opportunities like these are difficult to come by in a traditional office setting, where people are often stuck at their desks for a good majority of the day, without much interaction with colleagues and management.
This great surge in coworking awareness will undoubtedly lead to more spaces opening (such as Suite Spotte) and more opportunities for people to reap the benefits that coworking has to offer. Through the events offered by the coworking space and the potential for networking, coworking presents more opportunities for business growth than a home office or traditional office space.
This deal with Alter Group will create a new coworking awareness among all companies, both small and national. It will allow a generation of new economic opportunities in Chicago, and foster subsequent new coworking opportunities across the nation.
If you are ready to see if coworking might be for you, try Suite Spotte just for the summer with our Summer Camp!