Tracy Hadden Loh, a fellow at Brookings Metro, pointed to long-term estimates showing that cities could take an average 25% tax hit from the declining value of underused office buildings alone. In the average downtown, 71% of the buildings are offices, she said. In large cities like Chicago and Washington, D.C., that number soars to 90%.
What about. Pssst! Hey You. Want some candy? Follow me.
Transparent Illinois
3 years ago
If it wasn’t for the Chicago Law Firms downtown would be even more empty. I’m basing it off my interpretation of this data – https://www.kastle.com/safety-wellness/getting-america-back-to-work-legal-occupancy/ – which I read as 43.1% of Chicago’s office space is currently being utilized but of that 43.1% it is 90.5% legal related work.
Maybe. Most downtown courts are remote. I had to stop into Daley Center a few months ago to pick up a copy of my marriage certificate. It was nearly empty. The handful of downtown lawyers I know still only go into the downtown office part-time. I’ve been told that trying to get a client to meet downtown is no easy task either. The drive is atrocious, the CTA is dangerous, and Metra is slow.
The firm we use wants their people in the office. The law firm down the hall from us has their people in the office. What’s interesting is the firm we use is opening offices in other cities where they can pay their associates less. What they do for us will still be billed through the Chicago office but the actual attorney earning a salary will be spending that money in another state. Apparently they’re having a hard time getting attorneys to come to work in Chicago. More good paying jobs leaving the state.
There are two kinds of migrants to Chicago – professionals and legal/illegal immigrants. Few seem to admit that it is the professional class in Chicago that runs the city, pays the bills, and funds the city. When we lose that professional class pipeline, the city’s fortunes will decline. As I’ve been saying, the pipeline of Big 10 grads/young midwest residents has significantly slowed down as Chicago’s fortunes decline. Young yuppies and hipsters only have a short period of time between their early 20’s and early 30’s to move to a new city and set down roots. By the time most… Read more »
Platinum Goose
3 years ago
Too bad no comparison of the different cities. I’d like to see how Miami, Dallas, and Charlotte compare to New York, LA, and Chicago.
Goodgulf Greyteeth
3 years ago
Tax revenue problems from vacant downtown Chicago offices? Why, in Illinois, the solution is so, so simple. I’m sure Governor Tax Cheat has it ready to go. People who work in their homes will have a Work From Home Fee that they’ll be required to pay with their property tax. If you’re a landlord, you’ll need to find out which of your tenants work from home, and pay a fee for them with your property tax. Actually, it”l be a Fee X 3 – this is, after all, Illinois. They’ll be a state Work From Home fee, another from the… Read more »
The Paraclete
3 years ago
Lure implies some type of trap! Lori’s friends are complaining there’s nobody to rob! Lure! Lol!
None of the solutions offered in this article which will work in smaller cities will work in Chicago, none. The downtown becoming hollowed out over time will be a huge blow to any revival. It will be very hard to keep all the large building viable with a reduction in tenants and workers. All city leaders, top to bottom, are so inept that Chicago faces a grim future. Makers will continue to exit, takers will replace them. Takers bring a myriad of unsolvable problems, as evidenced by the current mix of rising issues that are only getting worse, with no… Read more »
The only thing that would draw me downtown would be the public executions of felons who were arrested, prosecuted and found guilty of murders committed in Chiraq.
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
What about. Pssst! Hey You. Want some candy? Follow me.
If it wasn’t for the Chicago Law Firms downtown would be even more empty. I’m basing it off my interpretation of this data – https://www.kastle.com/safety-wellness/getting-america-back-to-work-legal-occupancy/ – which I read as 43.1% of Chicago’s office space is currently being utilized but of that 43.1% it is 90.5% legal related work.
Maybe. Most downtown courts are remote. I had to stop into Daley Center a few months ago to pick up a copy of my marriage certificate. It was nearly empty. The handful of downtown lawyers I know still only go into the downtown office part-time. I’ve been told that trying to get a client to meet downtown is no easy task either. The drive is atrocious, the CTA is dangerous, and Metra is slow.
The firm we use wants their people in the office. The law firm down the hall from us has their people in the office. What’s interesting is the firm we use is opening offices in other cities where they can pay their associates less. What they do for us will still be billed through the Chicago office but the actual attorney earning a salary will be spending that money in another state. Apparently they’re having a hard time getting attorneys to come to work in Chicago. More good paying jobs leaving the state.
There are two kinds of migrants to Chicago – professionals and legal/illegal immigrants. Few seem to admit that it is the professional class in Chicago that runs the city, pays the bills, and funds the city. When we lose that professional class pipeline, the city’s fortunes will decline. As I’ve been saying, the pipeline of Big 10 grads/young midwest residents has significantly slowed down as Chicago’s fortunes decline. Young yuppies and hipsters only have a short period of time between their early 20’s and early 30’s to move to a new city and set down roots. By the time most… Read more »
Too bad no comparison of the different cities. I’d like to see how Miami, Dallas, and Charlotte compare to New York, LA, and Chicago.
Tax revenue problems from vacant downtown Chicago offices? Why, in Illinois, the solution is so, so simple. I’m sure Governor Tax Cheat has it ready to go. People who work in their homes will have a Work From Home Fee that they’ll be required to pay with their property tax. If you’re a landlord, you’ll need to find out which of your tenants work from home, and pay a fee for them with your property tax. Actually, it”l be a Fee X 3 – this is, after all, Illinois. They’ll be a state Work From Home fee, another from the… Read more »
Lure implies some type of trap! Lori’s friends are complaining there’s nobody to rob! Lure! Lol!
Why are people avoiding downtown?
Police Warn Drivers After 18 Car Break-Ins In Downtown Parking Garages – WBBM AM 780 News Radio Chicago
Come for the Bean.
Stay for the gunshots.
None of the solutions offered in this article which will work in smaller cities will work in Chicago, none. The downtown becoming hollowed out over time will be a huge blow to any revival. It will be very hard to keep all the large building viable with a reduction in tenants and workers. All city leaders, top to bottom, are so inept that Chicago faces a grim future. Makers will continue to exit, takers will replace them. Takers bring a myriad of unsolvable problems, as evidenced by the current mix of rising issues that are only getting worse, with no… Read more »
Almost like destruction is the communists plan.
Bingo!
The only thing that would draw me downtown would be the public executions of felons who were arrested, prosecuted and found guilty of murders committed in Chiraq.
Soldier Field could be repurposed for just that. There Lori, I fixed it for you.