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Since the beginning of the pandemic, 338 downtown restaurants and bars have closed, the majority of which have been fast-casual and quick-service restaurants. Pedestrian traffic remains lower during weekdays, but inches closer to pre-pandemic levels, averaging 85% of 2019 foot traffic in the final months of 2022, according to a report from the Chicago Loop Alliance. Office occupancy in the Loop grew to 48%, from 31% in 2021 — in line with national trends that hit 50% last month across 10 major cities.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Used to be that all the good restaurants were downtown. Not the case anymore, many good suburban restaurants. Easier access, lots of free parking, lower taxes. Compare suburban restaurant closings to city closings, I’m sure big difference.
This is just one person’s observations, but my husband has said the Loop isn’t as dead as it has been for the last 2+ years but still not at all like it was prior to covid and the riots. He’s also noticed that on Mondays and Fridays the Loop is a ghost town. Seems a lot of workers are splitting their time between the office and WFH.
Ken Griffen and his group go out all the time in Miami and feel safe. What does he know that others do not???
Most workers are afraid to go out in downtown. Much too dangerous place to be. Stay in a guarded area or else be robbed or maybe killed.
Pre pandemic my building and the connecting buildings had 14 restaurants all inside no street level access. We now have 7.
Since the beginning of the pandemic, 338 downtown restaurants and bars have closed
Had no idea it was this bad — COVID/Lockdown Lunacy/BLM Riots/Loop Crime Wave came together as an extinction level event for downtown business
Also, does *anyone* believe this claptrappery…???
“Pedestrian traffic remains lower during weekdays, but inches closer to pre-pandemic levels, averaging 85% of 2019 foot traffic in the final months of 2022, according to a report from the Chicago Loop Alliance…”
I think the author meant that weekend foot traffic in the final months of 2022 was 85% of 2019 foot traffic.
I don’t doubt this is true. But have you seen the crowds downtown on weekends? It’s the blue hair freak brigade, roving bands of gang banging teens walking back and forth on State Street, tons of homeless people and other thugs looking for prey…
half the people still wearing masks, outdoors…
The Chicago Loop Alliance does not tell the truth about downtown — like when they got caught lying about downtown’s crime rate:
https://cwbchicago.com/2022/04/loop-promoter-dismisses-crime-problem-as-robberies-carjackings-auto-thefts-and-shootings-soar-higher-than-pre-covid-years.html
I believe you cannot trust any information that even touches the city government. Information about the schools are lies, crime figures are lies, campaign promises are lies, worker qualifications are lies, budgets are lies, social programs are lies. The only thing that may be true is when the mayor talks about the cold.
My property tax bill is painfully real though…..
Yeah, weekdays are dead, I saw a figure of 30% and that jives with what I’ve seen the few times I’ve been downtown the last six months…
Exactly my reaction when I read it. 85% of 2019 foot traffic, but in the same paragraph the Tribune tells us that office occupancy is only 48% of pre-pandemic. And “office occupancy” @ 48% likely means that they’re measuring leased vs vacant offices – just because an office remains leased doesn’t mean that pre-pandemic numbers of employees are reporting to it every day. Could be that people who live downtown are working from home in larger numbers, and though they’re no longer filling up their empty office cubicles, they’re still eating in the same downtown places because that’s where they… Read more »
IIRC the industry uses the Kastle keycard system to track building occupancy. It’s not a perfect figure but it works. As for the 85% of 2019 foot traffic on weekends during the final months of 2022, I don’t doubt this either. I believe I’ve read it elsewhere. We had a warm November and December so people went downtown, mostly on State and Michigan Ave for xmas shopping. But also, the crowds down town are different on weekends now especially after business hours. We’ve all seen the videos, it’s basically youths and wildings running around feral. My uninformed guess is that… Read more »