In a significant development for Chicago's tech and startup ecosystem, 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 space at 20 N. Wacker Dr., marking a pivotal moment in the evolution of flexible work environments in the Windy City.
The expansion, facilitated through a management partnership agreement with the building and represented by JLL, has positioned TeamWorking as a dominant player in Chicago's coworking landscape. This growth not only reflects the increasing demand for flexible office solutions but also underscores the vitality of the city's tech sector.
TeamWorking's roots in TechNexus Venture Collaborative, one of the most active venture firms in the country, have shaped its identity as a hub for tech innovation and growth. The space has become a magnet for fast-growing tech firms, with notable tenants including Ocient, Network Perception, and TruckSmarter. Currently, more than 80 companies call TeamWorking home, creating a diverse and dynamic community of entrepreneurs and innovators.
The expanded facility offers an impressive array of amenities designed to foster productivity and collaboration. These include a rooftop terrace, fitness center, podcast studio with a full editing suite, stocked kitchens, and a wellness room. Additionally, the space can accommodate events for up to 175 guests, attracting high-profile brands like McDonald's and Airbnb for their corporate gatherings.
Fred Hoch, co-founder and general partner of TechNexus, emphasized the space's role in nurturing Chicago's tech ecosystem: "TeamWorking is where the best tech companies in Chicago come to scale. We know that space is only as good as the people you have in it. TeamWorking's focus on collaboration, network building, and community connection have created a space for Chicago's most innovative organizations to grow, collaborate and thrive."
The expansion of TeamWorking is more than just a real estate transaction; it represents a broader trend in the evolving nature of work spaces. As companies increasingly seek flexible, amenity-rich environments that promote collaboration and innovation, coworking spaces like TeamWorking are positioned to play a crucial role in shaping the future of work.
This development is particularly significant for Chicago's tech industry. By providing a centralized location for startups and established tech firms to coexist and collaborate, TeamWorking is fostering an environment that could accelerate innovation and growth within the sector. The proximity to other like-minded companies and the access to venture capital through TechNexus create a unique ecosystem that can propel Chicago's standing as a tech hub.
Furthermore, the expansion's location in the West Loop and its size make it one of the larger transactions in the area, signaling a potential resurgence in downtown office occupancy. This could have broader implications for Chicago's commercial real estate market and the overall economic recovery of the city's central business district.
Deanna Becker, Executive Vice President at JLL, noted the broader significance of this expansion, stating, "TeamWorking's expansion represents surging momentum and growth across Chicago's downtown office landscape as more organizations are seeking desirable amenities and collaborative office spaces to fuel their growth."
As the largest coworking space in Chicago, TeamWorking is now poised to play a pivotal role in shaping the city's tech and startup landscape. Its expansion not only provides much-needed space for growing companies but also creates a centralized hub for innovation, networking, and collaboration. This development could potentially attract more tech talent and companies to Chicago, further solidifying the city's position as a major player in the national tech scene.
