CHICAGO—PowerReviews, a Chicago-based software firm, has just decided to double the amount of space it occupies in the CBD. The company signed a lease for 52,000 square feet at 1 N. Dearborn St., a significant expansion from the 21,000 square feet it currently leases at 180 N. LaSalle St. CBRE negotiated the long-term lease on the firm's behalf.
“This is the fourth move we have worked on with CBRE. It is important to have partners that you trust so you can move quickly,” says Matt Moog, chief executive officer, PowerReviews “We have more than doubled our size in the past year. We will now have space for more than 300 employees as we continue to grow and add new positions.”
Such moves have become increasingly important to office markets around the US, including Chicago. JLL recently studied the office leasing activity in 45 top US metro areas for leases of 20,000 square feet or more, and the data show the technology sector drove nearly 25% of this activity over the past two years. Furthermore, 63% of the tech leases involved expansions like PowerReviews', compared to about 48% of leases overall.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
