TeamWorking Expands to Become Chicago's Largest Coworking Space

In a significant development for Chicago's business landscape, TeamWorking by TechNexus has emerged as the city's largest coworking space following a substantial expansion at the historic Civic Opera Building. The tech-focused shared workspace now boasts over 100,000 square feet of suites, offices, and event spaces at 20 N. Wacker Dr., marking a notable shift in the city's commercial real estate dynamics.

The expansion, facilitated through a management partnership agreement with the building and represented by JLL, positions TeamWorking as a dominant player in Chicago's coworking sector. This growth not only reflects the increasing demand for flexible workspace solutions but also underscores the vitality of Chicago's tech ecosystem.

TeamWorking, an offshoot of TechNexus Venture Collaborative, has cultivated a community of over 80 companies, including fast-growing tech firms such as Ocient, Network Perception, and TruckSmarter. The space offers a range of amenities, including a rooftop terrace, fitness center, podcast studio, and meeting spaces capable of hosting up to 175 guests, attracting high-profile brands for events.

Fred Hoch, co-founder and general partner of TechNexus, emphasized the space's role in fostering collaboration and growth among Chicago's most innovative organizations. The expansion represents one of the larger transactions in the West Loop area and signals a trend towards hybrid office spaces that cater to the needs of entrepreneurs and startups.

This development has broader implications for Chicago's downtown office landscape. As noted by JLL's Executive Vice President Deanna Becker, it demonstrates a surge in demand for collaborative office spaces with desirable amenities. The expansion of TeamWorking could potentially attract more tech companies and startups to the area, further solidifying Chicago's position as a tech hub.

For the commercial real estate sector, this expansion highlights the evolving preferences of businesses, particularly in the tech industry, towards flexible and community-oriented workspaces. It may prompt other property owners and developers to reconsider their offerings to remain competitive in a changing market.

As TeamWorking continues to grow, its impact on Chicago's business ecosystem is likely to expand. The increased capacity and resources could lead to more networking opportunities, collaborations, and innovations within the tech community, potentially driving economic growth and job creation in the city.