IMC, a tech-focused global trading firm, agreed to renew its lease for two floors in Willis Tower and add a third.
Large glass dome over the lobby on the Jackson Boulevard entrance at Willis Tower in Chicago on Tuesday, March 15, 2022.
“It’s not all bad news,” said Nikki Kern, executive vice president of The Telos Group, a commercial real estate firm.Kern just inked a new deal at Willis Tower, bringing the 110-story building to 85% leased. IMC, a tech-focused global trading firm, agreed to renew its lease for two floors and add a third, expanding to 160,000 square feet, a 50% jump.
“Companies are trying to get their employees back to the office, so many feel it’s time for an upgrade, and that means providing environments where people want to come into work,” Kern said. “They’re used to being at home, where they can walk the dog, or head out to a coffee shop. But you can do those things at Willis Tower. It creates the feeling of being outside the office, but you can do it all while at work.
“Given that trend, vacancy will likely remain high as financial institutions which once defined the area, flock to new developments in other submarkets, leaving behind space in generally older, less desirable building stock,” Colliers reported.