Chicago Options Exchange building converted into AI data center
Summary
A data center is set to open in the former Chicago options exchange as part of a trend to convert underused downtown office spaces into facilities powered by computer technology. This shift is driven by increasing demand for AI, which has prompted cities like Chicago to transform these buildings. Amid this trend, local officials are also evaluating a temporary moratorium on new data center projects due to the heightened interest in such conversions.
Analysis
Chicago Options Exchange: The Chicago Board Options Exchange, operated by Cboe Global Markets Inc., serves as a major U.S. platform for options and derivatives trading. Its former headquarters building at 400 S. LaSalle Street in downtown Chicago sat vacant for years after the exchange relocated nearby. The structure is now undergoing conversion into a data center to meet demand for AI computing capacity. Local Policy: Chicago officials are considering a temporary moratorium on new data center projects amid rising interest in such conversions. Real Estate Trend: AI demand is accelerating the repurposing of underutilized downtown office buildings into data centers in cities including Chicago.
Categories
tech
Related sources
- https://www.smartcitiesdive.com/news/office-to-housing-conversion-chicago-downtown/831624/
- https://www.bloomberg.com/graphics/2026-chicago-office-ai-data-center-conversion/
- https://www.credaily.com/briefs/ai-office-leasing-shifts-toward-direct-class-a-deals/
- https://reports.vts.com/blog/ai-office-demand-still-growing-and-remains-concentrated-in-few-markets
- https://www.cbre.com/insights/reports/ais-impact-on-office-demand
- https://chicago.urbanize.city/post/landmarks-approves-data-center-redevelopment-300-w-adams
- https://www.loopnorth.com/news/approved0925.htm
- https://ir.cushmanwakefield.com/news/press-release-details/2026/Cushman--Wakefield-Report-AI-to-Add-330-Million-Square-Feet-of-CRE-Demand-Over-Next-Decade/default.aspx
- https://www.chicagobusiness.com/real-estate/commercial/ccb-digital-realty-rolling-meadows-data-center-20260908/
- https://www.wbez.org/real-estate-development/2026/08/14/loop-data-center-gabal-landmarked-office-building
- https://hoodline.com/2026/07/troubled-loop-tower-300-west-adams-gets-data-center-lifeline-7057752/
- https://www.bloomberg.com/news/features/2026-02-27/chicago-to-berlin-ai-fuels-new-downtown-data-center-conversions