Chicago / March 04, 2022 02:45 PM
Axiom Consulting Partners, a management consulting firm, is doubling its space in the Central Business District. The Chicago-based company, which also has offices in New York and Europe, signed a lease for nearly 20,000 square feet in 200 W. Adams, a high rise in the West Loop, according to a report by REJournals.
The company had roughly 10,000 square feet in the 30-story, Class A office tower already. Built in 1985, it was renovated in 2017.
Colliers Chicago Principal Tony Karmin and Cresa’s Michael Marrion, negotiated the lease on behalf of the management consulting firm.
The new office space will include more medium and large meeting spaces, and small spaces for individual focus time, with the firm focusing on ways to help clients and employees collaborate in the space.
“We are planning for the next 10 years, not the next 10 months and must be mindful of the way we want to work together on behalf of our clients when the pandemic finally subsides,” Axiom Consulting Partners’ President Garrett Sheridan told REJournals.
The lease comes at a time when many of Chicago’s downtown office towers are struggling to find and keep tenants after many companies’ employees were forced to work from home during the COVID-19 pandemic. Now, downtown Chicago is in the throes of an unprecedented office glut.
The office vacancy rate in downtown Chicago increased by almost 24 percent between the end of 2020 and the end of last year, hitting a record 20.3 percent in the fourth quarter, according to figures from Cushman & Wakefield.
Several Loop office building owners recently defaulted on their properties and rising crime is deterring some companies from leasing space in the city’s trendy Fulton Market district.
[REjournals.com] — Miranda Davis