Coworking Space Startup Cost Comparison
Minneapolis, MN vs Chicago, IL
Minneapolis, MN
$87,000 - $422,000
COL Index: 109.5
VS
Chicago, IL
$111,000 - $538,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Minneapolis, MN | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$54,800 - $273,900 | $78,300 - $391,300 | -30% |
|
Initial Supplies & Inventory
|
$15,000 - $75,000 | $15,000 - $75,000 | Same |
|
Business Insurance (Annual)
|
$500 - $10,000 | $500 - $10,000 | Same |
|
Marketing & Launch
|
$500 - $5,000 | $500 - $5,000 | Same |
|
Working Capital (3 Months)
|
$16,400 - $54,800 | $16,200 - $53,900 | +2% |
| Total Estimated Cost | $87,000 - $422,000 | $111,000 - $538,000 | -22% |
Local Market Factors
| Factor | Minneapolis | Chicago |
|---|---|---|
| Cost of Living Index | 109.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $18 - $45 | $25 - $65 |
| Labor Rate Index | 1.08 | 1.15 |
| Sales Tax | 8.025% | 10.25% |
| Minimum Wage | $15.57/hr | $15.80/hr |
| LLC Filing Fee | $155 | $150 |
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