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CoWorking Trend Comes to Optima’s Chicago Property

CoWorking Trend
February 2019

Optima, Inc., a firm that serves as architect, developer, general contractor and manager or broker for its multifamily housing projects, is leasing fully furnished commercial office suites at Optima Signature, a 57-story, 490-unit Class A tower at 220 E. Illinois St. in the heart of Chicago area’s Streeterville. The suites are available to residents and non-residents alike. In a unique offering in the popular coworking market, individuals and small businesses leasing space at Optima Signature also have access to the development’s impressive 1.5 acres of amenities across three floors.

“As a mixed-use developer, Optima is attuned to changing consumer interests and we wanted to create a best-in-class shared office experience for the growing number of professionals who work remotely,” said Mark Segal, Senior Vice President, Optima, says. “Optima Signature’s new office suites appeal to our residents by providing a professional setting steps from their front door. We’re also taking shared office space to the next level by offering office suite users access to Optima Signature’s impressive community amenities” and is nearby popular Michigan Avenue and the Chicago Riverwalk.

Optima is currently leasing 22 commercial office suites on its second and seventh floors, ranging in size from 200 square feet to 720 square feet, with the capacity for one to five work stations and options to accommodate up to 10 people. The development also features two 194-square-feet suites, and one 1,610-square-foot suite, which are currently all leased.

Furnished suites include a desk(s), lighting, mini-fridge, built-in cabinetry and window treatments. Select suites also have round conference desks with chairs for team meetings in addition to the work stations. Business suite users have free Wi-Fi and access to a shared kitchen and dining area. Rent ranges from $1,000 to $2,400 per month.

Recent data from the U.S. Census Bureau shows 8 million people (or 5.2 percent of workers) worked at home in 2017, and that number is only expected to rise.

The number of corporate or enterprise customers (those with 1,000 or more employees) using shared-workplace office provider WeWork has doubled from last year to more than 1,000 businesses and 25 percent of WeWork’s annual revenue now comes from such companies, according to a recent report from Recode, reports tyb.com.

The WeWork phenomenon began in 2016 when Microsoft announced many of its staff could work from WeWork spaces. HSBC, Salesforce.com, Facebook, Starbucks and Bank of America are now all WeWork enterprise partners.

Talk About an Invested Property Owner         

Start-up company WeWork, the leading co-working space operator in the U.S., is led by its Owner, Adam Neumann (pictured), who buys buildings or signs long-term leases for office space with other owners, then subleases the space on a short-term basis to companies, reports The Wall Street Journal.

Investor SoftBank Group recently estimated WeWork’s value at $47 billion. Neumann has made millions of dollars by leasing multiple properties in which he has an ownership stake back to WeWork.

Neumann, 39, founded WeWork in 2010 and is WeWork’s largest individual shareholder and has voting control over the company.