Dan Arends Dougal Jeppe Bobby Patterson FLEXIBLE SPACE OPTIONS +1 312 612 5908 +1 312 777 2633 +1 312 777 2634 Coworking, Executive Office, Incubator and Meeting Spaces [email protected] [email protected] [email protected]

Chicago CBD Office Submarket Map COWORKING 25. INTELLIGENT OFFICE 50. REGUS 75. CATAPULT CHICAGO 8 190 S. Lasalle 875 N. Michigan Avenue 321 N. Clark St Elm 1. AMATA Cedar 26. LEVEL OFFICE 51. REGUS 76. MATTER Cros Hill Rush Street 150 S. Wacker Beach

Nightlife Area 200E 0 E/W

b 200W 318 W. Adams 980 North Michigan Avenue 222 Merchandise Mart Plz. y Bellevue 2. AMATA Rush Newberry Oak 225 W. Washington 27. LEVEL OFFICE 52. REGUS 77. MHUB 1000N Oak Research 1000N 211 W Wacker 564 W. Randolph 965 W. Chicago Ave Library 51 3. AMATA Walton Walton 28. LEVEL OFFICE 53. REGUS 78. PANZANZEE 180 N. Lasalle 400E Locust Delaware Dewitt 73 W. Monroe 939 W. North Ave 325 W. Huron 50 4. AMATA Chestnut Chestnut Water 150 N. Michigan 29. LEVEL OFFICE 54. RENT24 79. SIGNATURE OFFICES Chestnut Tower

Place Mies van der Rohe 420 W. Huron 500 N. Michigan 333 S. Wabash Institute Pl Pearson Loyola Visitor Info Museum of University 5. AMATA Michigan Center Contemporary Art 161 N. Clark 30. MAKEOFFICES 55. RENT24 80. TECHNEXUS Chicago Chicago Chicago 800N Northwestern 350 N. Orleans 444 N. Wabash 20 N. Wacker 82 University Downtown Hudson 6. ASSEMBLE SHARED OFFICE Larrabee Superior13 94 Superior 31. MAKEOFFICES 56. SERENDIPITY LABS 81. THE WAREHOUSE 600 W Jackson Huron Huron

29 ralkC w 78

541 N. Fairbanks 1 S. Wacker 600 W. Chicago g de kSci Rush Olive State Wells Kingsbury LaSalle Orleans Franklin Wabash

St Clair Dearborn 7. ASSEMBLE SHARED OFFICE Michigan Erie 92 Erie Park 1714 W. Division 32. MAKEOFFICES 57. SERVCORP SHARED MEETING SPACE 16 87 62 83 1 N. State 155 N. Wacker Ontario RIVER NORTH NORTH Ontario 8. ASSEMBLE SHARED OFFICE Kennedy/Dan Ryan Kings 19 48 Ohio 82. BREATHER Expwy Feeder Ramp Ohio McClurg 33. OFFICEPORT 58. SERVCORP MICHIGAN bury Beach 1165 N. Clark 750 N. Franklin Fairbanks 9 W. Washington St. 300 N. Lasalle 31 9. AVENUE BUSINESS CENTER Grand 83. BREATHER 71 54 9 Navy Pier Streeter 34. ONWARD COWORKING 59. SERVCORP 63 Peshtigo 500 N. Michigan Ave Illinois Chicago 645 N. Michigan Children’s 954 W. Washington Blvd 444 W. Lake us Museum 66 55 10 Smith 10. BEOFFICE Hubbard 23 Museum of

84. BREATHER Cityfront Stained New Center Plaza 35. PREMIER BUSINESS CENTERS 60. SPACES 68 45 Columb Glass 444 North Michigan Ave. 1 N. LaSalle North Water 200 W. Madison 1500 N. Halsted Kinzie 74 75 11. CARR WORKPLACES 7219 Irving Park Rd River 85. BREATHER 30 47 58 PORTAGE PARK Chicago RiverNORTH CENTER

36. REGUS 61. SPACES Merchandise76 49 200 E. Randolph Chicago Mart 125 S. Clark N Apparel Wacker 141 W. Jackson (South Building) 159 N. Sangamon Center Addison St 12. COALITION ENERGY 86. BREATHER 37. REGUS 62. SPACES Fulton Wacker 18 S. Michigan Ave 121 W. Wacker South Water AVONDALE Clark St 86 LAKEVIEW 22 W. Washington 620 N. LaSalle 59 27 93 Belmont Ave 13. COALITION IMPACT Lake 44 EAST LOOP 87. BREATHER Laramie Ave Lake Central Ave Austin Ave Ave Lincoln Ave Lake41 Michigan 405 W. Superior 38. REGUS 63. THE SUITES COLLECTION Elston Ave Southport Ave She‰eld Ave 343 W. Erie Ashland Ave Diversey Ave 11 Halsted St 111 W. Jackson 101 W. Grand 52 57 3 5 4 46 Stetson 14. CO-OPTIM 88. BREATHER Randolph Randolph Harbor Dr. 39. REGUS 64. VAULT Clybourn Ave 550 W. Washington 20 N. Wacker 91 BELMONT CRAGIN 55 E. Monroe 1115 W. Fulton 14 37 Fullerton Ave Washington LOGAN SQUARE 15. DESKLABS 89. BREATHER 88 50 HERMOSA 3033 N. Clark 40. REGUS 65. WEWORK 2 Lincoln Park Zoo Clark State Central Park Ave Wells Canal Armitage Ave

LaSalle 33 Clinton

223 W. Jackson Wacker Humboldt Blvd Franklin 81 Wabash Michigan California Ave Jeerson Dearborn 24 40 32 Western Ave 84 Kostner Ave Damen Ave Desplaines Kedzie Ave 70 W Madison 220 N. Green St. 80 35 Pulaski Rd 15 16. EVOLVEHER Madison Chicago Office 90. BREATHER 90 358 W. Ontario 41. REGUS 66. WEWORK 64 North Ave 1500 W. Carroll 43 42 56 95CENTRAL 12 R Submarket Map WEST WICKER PARK 94 200 S. Wacker 111 W. Illinois St. 94 Monroe Grand AveMonroe O 53

HUMBOLDT Larabee St 17. FORUM EXECUTIVE COWORK- 28 B 91. BREATHER LOOP 70 PARK 42. REGUS 67. WEWORK LOOP 22 39 R Goose Island60 ING 1 26 25 Division ArtSt Institute 7 134 N. LaSalle 97 of Chicago Humboldt Park A 30 S. Wacker 332 S. Michigan Ave. Adams 69 98 NEAR 1035 W. Lake St. 85 UKRAINIAN H NORTH SIDE Augusta Blvd 92. BREATHER 73 VILLAGE 41 ArchiCenter E 18. FUELED COLLECTIVE 43. REGUS 68. WEWORK 6 Chicago Ave

O 77 Navy Pier 308 W. Erie Sacramento Blvd Jackson99 Jackson WEST TOWN 1046 W. Kinzie 10 S. Riverside Plaza 20 W. Kinzie R 18 Ohio St AUSTIN Illinois St 93. BREATHER 89 N Grand Ave 36 38 79 90 64 17 Kinzie St 19. INDUSTRIOUS 44. REGUS 69. WEWORK 67 O

205 W. Wacker Van Buren M

Lake St Michigan Ave 203 N. Lasalle 125 S. Clark OAK PARK 20 61 65 320 W. Ohio Randolph St State St WEST GARFIELD 94. BREATHER Washington Blvd EAST GARFIELD PARK Madison St NEAR WEST34 96 45. REGUS 70. WEWORK BuckinghamPARK

20. INDUSTRIOUS Eisenhower Expwy Lake Shore Drive SIDE 720 N. Franklin CongressGareld Park Fountain Adams St Jackson Blvd GREEKTOWN 171 N. Aberdeen 401 North Michigan Ave 100 S. State Jackson Blvd 21 Grant Park 95. BREATHER 290 Harrison Harrison St 21. INSPIRE BUSINESS CENTER 46. REGUS 71. WEWORK Columbus Park 230 W. Monroe 290 180 N. Stetson St. 515 N. State ILLINOIS LITTLE ITALY

1016 W. Jackson Racine Ave 41 MEDICAL DISTRICT 96. BREATHER Roosevelt Rd

Federal Balbo 22. INTEGRATED OFFICE SUITES 47. REGUS 72. WEWORK Museum Campus 813 W. Randolph Jeerson Douglas Park 115 S. Lasalle 222 Merchandise Mart Plz. 330 N. Wabash Ridgeland Ave Polk Polk 90 97. BREATHER 16th St 8th Columbus 48. REGUS 73. WORKBETTER 18th St 23. INTEGRATED OFFICE SUITES 122 S. Michigan LAWNDALE 455 N. Cityfront Plaza 605 N. Michigan Ave 233 S. Wacker 94 Clark State

Wells Ogden Ave LaSalle Clinton Wabash Park Terr Park Canal Green Halsted Desplaines Financial Plymouth Dan Ryan Expwy. Cermak Rd 98. CONVENE 9th 24. INTEGRATED OFFICE SUITES 49. REGUS Archer Ave INCUBATOR 131 S. Dearborn Taylor 20 N. Clark 321 N. Clark St 1000S LOWER WEST CICERO SIDE 26th St W 26th St 55 74. 1871 99. CONVENE New Retail 222 Merchandise Mart Plz. 233 S. Wacker 11th

SOUTH LAWNDALE 31st St 31st St 31st St BRIDGEPORT 90 DOUGLAS Burnham Park MCKINLEY PARK 35th St *Updated 07/10/18 Bobby Patterson Will Goldstick FLEXIBLE CHICAGO SPACE OPTIONS +1 312 777 2634 +1 312 777 2616 Coworking, Executive Office, Incubator and Meeting Spaces [email protected] [email protected]

At the beginning of 2014, Chicago’s coworking market consisted of 788,898 square feet of office space NUMBER OF AVERAGE OFFICE % OF COWORKING across thirty-eight locations throughout the Central Business District and its surrounding neighborhoods. COMPANY SIZE (SF) LOCATIONS SIZE (SF) MARKET Of the 788,898 square feet, long-standing Coworking provider Regus provided 425,007 square feet of TOTAL space to tenants looking for flexible office space, meaning the company controlled approximately 54 COWORKING SPACE WEWORK 600,931 8 75,116 23.31% percent of Chicago’s coworking market. Merely four and a half years later, Chicago’s Coworking market WITHIN CBD consists of 2,577,471 square feet of office space dispersed amongst 99 locations, leaving Regus with REGUS 393,195 18 21,844 15.26% a market share of approximately 15.3 percent of today’s coworking market. The dramatic transforma- tion experienced within Chicago’s coworking market is a microcosm of the coworking industry’s recent 2,577,471 SF LEVEL OFFICE 193,329 4 48,332 7.50% upheaval, as the industry is shifting from almost exclusively catering to traditional users such as small SPACES 146,833 3 48,944 5.70% financial services firms and boutique law firms to providing dynamic, flexible workspaces in amenity rich environments that are attractive to a younger workforce increasingly enwrapped in the growing “gig-econ- MAKEOFFICES 114,398 3 38,133 4.44% omy”. While the core concept of shared office space today replicates that of four and half a years ago, meaning coworking providers remain sublandlords whose business is renting out the space they are AMATA 110,903 5 22,181 4.30% providing for more than the costs they incur by leasing or owning the space in an effort to provide their TOTAL CBD customers, or subtenants, with financial and term flexibility that traditional office leases typically don’t COWORKING / SHARED SPACE CONVENE 105,000 2 52,500 4.07% allow for, modern coworking providers are working to innovate the industry by providing collaborative en- LOCATIONS INDUSTRIOUS 65,612 2 32,806 2.55% vironments that encourage tenants to leverage fellow tenants’ talents and resources to foster a positive network effect on all users. As this industry-wide shift has progressed since 2014, an increasing number SERVCORP 45,877 3 15,292 1.78% of new coworking providers have entered Chicago’s office market, led by industry-giant WeWork who will 99 have opened 8 locations totaling 600,931 square feet over a three-year period by the end of 2018. BREATHER 21,874 16 1,367 0.85%

As new-age coworking providers have flooded Chicago’s office market with approximately 1.8 million square feet of positive net absorption since early 2014, the coworking industry has become much more COWORKING MARKET GROWTH SUBMARKET NUMBER OF AGGREGATE % OF COWORKING diverse, as no single provider currently has more than WeWork’s 23.3 percent market share. New-age LOCATIONS SIZE (SF) MARKET coworking providers are also occupying more space on average than their predecessors, as Regus’ TOTAL YEAR ABSORPTION CENTRAL LOOP 18 375,587 14.57% average office size in Chicago is 21,844 square feet, whereas WeWork’s is 75,116 square feet, Spaces’ MARKET SIZE is 48,944 square feet, and LevelOffices’ is 48,332 square feet. These increasingly large spaces have WEST LOOP 23 627,624 24.35% had a noticeable impact on Chicago’s office market thru the first half of 2018, as Regus’ sister company, 2014 251,437 1,008,523 Spaces, signed a lease to occupy an 80,000 redevelopment at 620 N. LaSalle in the first quarter and NORTH MICHIGAN AVE 10 237,527 9.22% European-based Rent24 signed a lease to occupy approximately 100,000 square feet at 500 N. Michigan 2015 284,625 1,293,148 avenue during the second quarter, meaning the Coworking industry has accounted for two of the largest RIVER NORTH 23 765,424 29.70% six lease transactions of the year to this point. As WeWork and Rent24 have openly proclaimed that they intend to further their Chicago footprints in the coming months, the Coworking industry may help tenant 2016 420,562 1,713,710 FULTON MARKET 8 192,942 7.49% demand keep up with supply over the next twelve months. Considering a lengthier outlook, the coworking EAST LOOP 9 233,157 9.05% industry’s ability to remain healthy through an economic downtown may prove critical to Chicago’s market 2017 189,429 1,903,139 as well, as the coworking industry now occupies roughly 1.8% of Chicago’s office inventory. LINCOLN PARK 3 51,210 1.99% 2018 468,850 2,371,989 Like other office users, coworking providers desire to be in the city’s most attractive office submarkets, GOLD COAST 1 13,000 0.50% as evident by River North containing roughly 29.7% of Chicago’s coworking space, followed by the West 2019 150,482 2,522,471 Loop with 24.3% and the Central Loop with almost 15.7%. Additionally, the rapidly emerging Fulton RIVER WEST 1 63,000 2.44% Market submarket has already drawn 186,556 square feet of coworking space, despite its low inventory 2020 55,000 2,577,471 WICKER PARK 1 18,000 0.70% relative to competing submarkets.