While the U.S. office market is still experiencing upheaval, the national coworking market is gaining ground in 2024.

From the second quarter to the third quarter, the U.S. coworking market's stock grew by 7%, with cities like Nashville and Indianapolis witnessing 24% and 12% quarter-over-quarter growth, respectively.

These figures signify that companies are embracing the flexible work model, driven largely by popular demand from employees, with more than 90% saying they benefit from workplace flexibility.

In Chicago, one of the nation’s largest coworking markets, Venture X Chicago is addressing the needs of today’s workers with turnkey office solutions in the north and west suburbs of the Windy City.

“I wanted to build out a very high-end space that felt as if you were still in the city,” said Preston Reiff, co-owner at Venture X Chicago. “We manage our spaces with a hospitality-first approach and really focus on building a community of users that see the value and love walking into the space every day.”

Reiff said he was looking in downtown Chicago for a site for the region’s first Venture X location until the pandemic happened. That was when the tides started changing, and he saw a greater opportunity in the suburbs.

“In the midst of the first Covid wave, there was this mass exodus to get out of the city,” he said. “It was obvious that a lot of people were moving back to the suburbs. That’s when we decided we were going to focus on these niche markets.”

Venture X’s first location in Oak Brook opened for business in 2021. In the first two years of operation, the workspace, which comprises 24K SF and 80 private offices, held an average occupancy of more than 85%, which Reiff called a major milestone for the company.

The lease-up was so successful that Reiff decided to open a second location in Deerfield, a suburb about 25 miles north of downtown Chicago. The 19K SF Deerfield space, which has 70 private offices, coworking areas, event space and conference rooms, had its grand opening in July.

Reiff said his business strategy has always been to build a small web of locations and be the premium provider in these more niche areas, getting involved with the community, local businesses and commercial real estate brokers to let them know that Venture X is available as a resource, with many services and spaces available.

“We want everyone to know that yes, we have membership and short-term contract space available, but we also have services such as simply renting the conference spaces for the day or by the hour,” Reiff said. “These rooms book out often, and it’s a great place to gather off-site or while in the area.”

Venture X’s Oak Brook and Deerfield properties offer a variety of high-end office spaces, ranging from private and shared offices to event spaces, meeting rooms and common areas. Spaces feature fast WiFi, a café area with complimentary beverages and snacks, 24/7 keycard access and premium furniture.

Its Oak Brook location is surrounded by popular restaurants like Ditka’s Oakbrook and Fogo de Chão, plus shopping and hotel accommodations such as the Chicago Marriott Oak Brook. It also boasts complimentary on-site parking, a 360-degree outdoor terrace and an on-site gym.

In Deerfield, it is a very similar story. The building is across the street from Deerbrook Mall and minutes from I-94, Waukegan Road, U.S. 41 and I-294, making it an accessible location for commuters. The building has nightly janitorial services, fiber internet and unique design elements such as biophilic wall installations.

“We differentiate ourselves in the market because we're a very modern space that is very clean and pretty neutral regarding our look and feel while still providing all of today’s top amenities,” Reiff said.

To eliminate any concerns potential customers may have about shared office spaces, Venture X designed its spaces with an emphasis on privacy.

“We use premium, thick glass to help sound suppression and put privacy films on all offices,” he said. “Albeit you're sharing office space, there’s a huge element of privacy in your individual space. We don't have glass dividers in between offices. We didn’t want a large fishbowl feel.”

Customers can rent space at either Venture X Chicago location by signing up for a membership that best suits their needs, Reiff said. This encompasses a variety of monthly options, ranging from private office memberships, in which customers have 24/7 access to a fully furnished office space, to community memberships, where those who sign up can access all of the common areas and amenities the building has to offer. All amenities are included in the monthly price.

“It’s really a place for like-minded individuals and companies to gather and make long-lasting connections,” Reiff said.

Venture X’s coworking model has resonated with companies of various sizes, renting space to sole proprietors and freelancers looking for a quiet space to get work done to companies as large as 60 people, Reiff said.

Getting the word out about the company and its services in suburban markets has been a different ballgame compared to downtown markets, however.

“Downtown, you’re looking at growth-stage companies that are moving in because they’re looking to grow their companies,” he said. “In the suburbs, we deal with a lot more established professional services firms. The coworking concept is lesser known in these markets, but word of mouth and practicing what we preach, which is running a hospitable kind of friendly space, has gone a long way.”

Reiff said Venture X Chicago hopes to open three to four more locations in the coming years, encompassing all of Chicago’s suburban areas. Continuing with its trusted contractors such as DSI Construction and Bespoke Commercial Real Estate as its brokerage, the goal is to build a web of reciprocity between its memberships in Chicagoland.

“We'd love to be able to see someone who's in the Oak Brook location do business up on the North Side,” he said. “We're also looking at potentially acquiring more boutique real estate, looking at growing markets, likely in the Midwest, and going on from there.”

This article was produced in collaboration between Venture X Chicago and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.