The building’s vacancy rate stands at 69 percent, far worse than the city average of just over 25 percent, which marked a record high in Chicago last quarter. The property was 92 percent leased when MetLife bought it in 2013.
And an issue not getting enough attention is the reaction to all of this by the Cook County Assessor. We all have been watching the collapse of commercial values the last few years, and Wirepoints has talked about this. But the percent of the declines is staggering– far worse than we had anticipated.. With downtown commercial space being devalued so dramatically, how low will new assessments on commercial properties go? And when those collapse as they should, what will the assessments look like on residential throughout the City. On top of the pension cancer we already face, this is another… Read more »
debtsor
2 years ago
When buildings near the train station are vacant, in the supposed hot ‘west loop’ you know things are FUBAR.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
And an issue not getting enough attention is the reaction to all of this by the Cook County Assessor. We all have been watching the collapse of commercial values the last few years, and Wirepoints has talked about this. But the percent of the declines is staggering– far worse than we had anticipated.. With downtown commercial space being devalued so dramatically, how low will new assessments on commercial properties go? And when those collapse as they should, what will the assessments look like on residential throughout the City. On top of the pension cancer we already face, this is another… Read more »
When buildings near the train station are vacant, in the supposed hot ‘west loop’ you know things are FUBAR.