The abundance of available space is making it easier for some firms and nonprofits to upgrade to offices with more amenities and natural light.
Scale Marketing employees work at their desks in their new office space in River North on Aug. 23, 2023.It’s no secret that companies have been downsizing their spaces in the wake of the pandemic and, in many cases, leaving the Loop for trendier digs in Fulton Market.
The abundance of available space is making it easier for some firms to upgrade to offices with more amenities and natural light. Nonprofits, which typically don’t have excess cash for workplace frills, are among those that have been able to upgrade their spaces. And many organizations are finding that a spiffy new workplace can help get people back into the office.
Such opportunities are likely to become more common as employees work from home and companies keep shedding space, pushing the market’s sky-high vacancy rate even higher, Davidson said. “Everybody’s a little cautious, I don’t care if you’re a nonprofit or a company,” said Gregg Witt, a principal with commercial real estate firm Cresa. “You don’t want to overcorrect. If you rent 20,000 square feet and decide to go down to 5,000, you don’t want to later realize that you needed 9,000.”JCFS Chicago, a social service agency that works with refugees, children, people with disabilities and others, has decided to shrink its downtown footprint, President and CEO Stacey Shor said.
“We also want clients to feel comfortable, and staff deserves the chance to work in a space that feels good,” Shor said. “In 216 West Jackson we have a warren of offices, some down dark hallways or without windows, but in our new space you’ll be able to see who’s in the office.”
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