CHICAGO | Salesforce Tower | 850 FT | 60 FLOORS - Page 116

chris08876 · #**2301** Posted **May 17, 2022, 2:06 AM**

Credit: Chris Malchow

SolarWind · #**2302** Posted **May 20, 2022, 2:29 AM**

May 12, 2022

rivernorthlurker · #**2303** Posted **May 20, 2022, 3:42 AM**

Quote:

Originally Posted by SolarWind

May 12, 2022

Nice shot. Not gonna lie, the blue glass has been growing on me. The 21st century is encroaching on the city.

left of center · #**2304** Posted **May 20, 2022, 6:46 PM**

Awesome shot, Joe! And I agree with your sentiments on the height as well.

Steely Dan · #**2305** Posted **May 20, 2022, 7:08 PM**

The lack of height here is definitely a giant missed opportunity for the overall composition and balance of the skyline.

Oh well, it was hines' dime, not mine, that built it.

But we really could've used a touch more Hines swagger here.

bhawk66 · #**2306** Posted **May 20, 2022, 9:10 PM**

Times are changing big time. If people think office culture hasn't been changing and has changed they have their head in the sand. There is a glut of empty office space as it is in Chicago and some folks here talk about building height like occupancy was in a vacuum. It's over! Computer technology has changed the world. Even with Salesforce's commitment this thing will still be half empty.

That said, it'd be cool to see a spire or something on this one.

rivernorthlurker · #**2307** Posted **May 20, 2022, 10:17 PM**

Quote:

Originally Posted by bhawk66

Times are changing big time. If people think office culture hasn't been changing and has changed they have their head in the sand. There is a glut of empty office space as it is in Chicago and some folks here talk about building height like occupancy was in a vacuum. It's over! Computer technology has changed the world. Even with Salesforce's commitment this thing will still be half empty.

That said, it'd be cool to see a spire or something on this one.

True, but residential still has legs and can continue to lead on new height.

Also BMO and BankOfAmerica are banks and they've been a little more aggressive with getting workers back in their offices. Same with this long rumored new JP Morgan building.

But yeah, the pandemic may be the historic bookend on the era of the 'giant monolithic awe inspiring office building', whose heydey was probably 1970 -2000 anyway. This in favor of more livable, green, human sized work/play offices like we're seeing in Fulton market. Feels a bit of old school vs new school. Yet another chapter that will be preserved in the chronicle that is Chicago's architectural history.

ithakas · #**2308** Posted **May 21, 2022, 12:08 AM**

Quote:

Originally Posted by bhawk66

Even with Salesforce's commitment this thing will still be half empty.

That said, it'd be cool to see a spire or something on this one.

No, just counting Kirkland & Ellis and Salesforce it's already 90% leased.

bhawk66 · #**2309** Posted **May 21, 2022, 4:49 PM**

Quote:

Originally Posted by ithakas

No, just counting Kirkland & Ellis and Salesforce it's already 90% leased.

There was just a diagram shown of the available space in this building. Salesforce was taking up less than a third. And many floors appeared to be un-leased not too long ago. I may be misinformed.

Naming rights don't equate to majority occupancy. Just look at Willis Tower.

rivernorthlurker · #**2310** Posted **May 21, 2022, 5:23 PM**

Quote:

Originally Posted by bhawk66

There was just a diagram shown of the available space in this building. Salesforce was taking up less than a third. And many floors appeared to be un-leased not too long ago. I may be misinformed.

Naming rights don't equate to majority occupancy. Just look at Willis Tower.

I think people here are going off previous info like

https://chicago.suntimes.com/busines...lesforce-tower

Quote:

The 60-story building is expected to open in 2023. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. The firm will move from 300 N. LaSalle Drive.

With business software provider Salesforce taking 500,000 square feet, the Kirkland deal will mean the new riverfront tower at 333 W. Wolf Point Plaza Drive is almost fully leased despite a downtown market seeing its highest vacancy rates in decades.

That's out of 1.2 million sqft https://www.hines.com/properties/sal...-south-chicago. So 1.1/1.2 = 92% leased. But these numbers aren't exact and subject to change.

I think both high office vacancy rates in general and high occupancy specifically at WPS can both be true. This building is certainly an exception.

Funny that Kirkland may end up leasing more of the building than Salesforce!

Maybe the better question is will the occupancy be of the soon-to-be-vacant 300 N Lasalle 600,000 sqft if Kirkland is leaving?

PittsburghPA · #**2311** Posted **May 21, 2022, 6:57 PM**

What's crazy is how these companies are leasing office space in a world where no one (proverbially) is going back to the office....I can't quite wrap my head around how this is sustainable. I have never worked in an office but my friends that do say they are never going back or they'll look for a new job. I've pooled enough of them to have broad feedback across industries. I feel like there is something I don't know about this market and I can't quite wrap my head around it..

MAC123 · #**2312** Posted **May 21, 2022, 7:20 PM**

I don't know about stuff involving pure numbers like finance, but jobs that require problem solving and creativity ( something like say, game development ) are inherently less efficient at home than in an office. You can't just call someone over and discuss with each other, brainstorm and all that.

Besides that, idk. Maybe they just like the centralized space? Maybe just for management?

ithakas · #**2313** Posted **May 21, 2022, 7:43 PM**

Quote:

Originally Posted by PittsburghPA

What's crazy is how these companies are leasing office space in a world where no one (proverbially) is going back to the office....I can't quite wrap my head around how this is sustainable. I have never worked in an office but my friends that do say they are never going back or they'll look for a new job. I've pooled enough of them to have broad feedback across industries. I feel like there is something I don't know about this market and I can't quite wrap my head around it..

I think as soon as the labor market isn't quite so tight a lot of employers will get stricter about this all at once.

BuildThemTaller · #**2314** Posted **May 21, 2022, 8:02 PM**

Quote:

Originally Posted by PittsburghPA

What's crazy is how these companies are leasing office space in a world where no one (proverbially) is going back to the office....I can't quite wrap my head around how this is sustainable. I have never worked in an office but my friends that do say they are never going back or they'll look for a new job. I've pooled enough of them to have broad feedback across industries. I feel like there is something I don't know about this market and I can't quite wrap my head around it..

I'm sure some people will permanently work from home. I might. My employer closed the office in NYC. The Chicago office is still open, though, and lots of my coworkers have begun returning. There's more flexibility now, though. You used to have to move to the HQ if you wanted a VP position. That's not a demand anymore. People can work from home 2-3 days a week if they want. We've started "quiet Fridays," where internal meetings are discouraged so that we can focus on work that requires attention or to schedule client meetings. In lots of ways, it's a better work environment. As my kid gets older, though, I may decide that a coworking space is ideal 2-3 days a week or just during the summer. An office is great for collaboration and feeling connected to the company.

VKChaz · #**2315** Posted **May 21, 2022, 9:51 PM**

Quote:

Originally Posted by ithakas

I think as soon as the labor market isn't quite so tight a lot of employers will get stricter about this all at once.

Am thinking along those lines as well. Things won't return to exactly how they were. People will have more flexibility. Some employers may be happy with some number of workers alternating days to reduce the amount of office space needed. And some will develop a culture of more fully remote. But when we go through an economic downturn and layoffs start happening, people who have access to an office may start finding their way back there more often.