WeWork’s Woes: How Will it Affect Chicago’s Office Space Biz?

Oh, how the mighty have fallen!

WeWork, the darling of the shared office space world, is now on life support.

This means bad news for Chicago. Just six months ago WeWork became downtown Chicago’s largest office tenant.

The company’s troubles could create a rare crisis in the still-hot Chicago leasing market.

For starters, WeWork’s sudden downturn derailed leases that were in the works, including a huge space the company had planned to open in the recently opened Old Post Office Redevelopment.

WeWork’s troubles come at a time when office landlords are bracing for the double whammy of robust new office construction and potentially huge property tax increases.

More setbacks could shake up a downtown office market that has been on quite a roll the past few years.

According to Cushman & Wakefield office tenant broker Ari Klein, “WeWork was a lifeline to any building with a big vacancy,” Klein said. “What happens now?”

Good question.

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