A report on the issue from the Chicago Tribune explained recently that offices on the 19th floor of the Merchandise Mart, the largest commercial building in the world, is now home to half a dozen technology start-ups operating in a highly collaborative environment.
Experts have suggested that Chicago needs to offer more office space of the sort being utilised at the Merchandise Mart by the likes of Media Chaperone and CloudBot.
The offices are collectively referred to as the Fail Cube, in reference to the idea that failure is an important part of refining ideas and ultimately finding business success, the local newspaper reported.
“Chicago has a massive shortage of places where startups can live together,” Kevin Willer, president and CEO of the Chicago Entrepreneurial Centre and an investor in some of the start-ups at the Fail Cube, is quoted as saying.
Josh Hernandez, who manages the lease on the Chicago offices, told the local newspaper that the Fail Cube offers fledgling businesses the kind of “middle of the road” office space solution they need. “It’s not your mom’s bedroom but it’s not a typical office,” he reportedly said.
At 25 storeys high and with a total of 4.2 million sq ft of space, the Merchandise Mart accounts for two entire blocks in central Chicago.
Google, one of the biggest success stories in the web-based technology industry in recent years, recently leased an area of office space in East London with a view to creating a hub for start-up businesses based in the British capital.
Editor’s notes: In 2018, it was reported that supply chain company Project44 had subleased 42,000 square feet on the 27th floor of the Merch Mart from Motorola Mobility. The space had been previously rented by Google.
As part of the deal, Project44 had the option to rent an additional 25,000 square feet and had access to a 230-person auditorium on the 19th floor.
As of July 2023, neither Cloudbot nor Media Chaperone were trading as their original entities.