Chicago downtown office space vacancy rate jumps to record high levels – Center Square

With Chicago’s downtown office vacancy rate now at a record-high 28 percent, Illinois Policy Institute researcher LyLena Estabine says city policymakers have become their own worse enemy when it comes to addressing the area’s changing demographics.
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The Railroader
6 months ago

Mayor Cliff Notes’ ‘Head Tax’ should solve this issue. Oh…wait…

Ataraxis
6 months ago

You’ve heard about the asteroid that killed all the dinosaurs?
The Democrat and city sanctioned and approved Floyd riots and covid restrictions are the asteroids that killed downtown Chicago. There is NO recovery from this.
If you don’t believe me, when was the last time you saw a dinosaur walking down the street?
Other than an ossified corrupt Democrat.

Free at Last
6 months ago

It’s a great plan. Turn the Loop office buildings into high rise public housing. You could come up with a pithy name for it, like Robert Taylor Homes with the Lake Front view or Cabrini Green South. After all, it’s not like high rise public housing has been tried before. Forget about the fact that those office buildings were not built as residences and the cost to re-cast them as such would be more than they are worth. Based upon my time working in public housing in the 80’s, your daily crap shoot will be taking the stairs and getting… Read more »

Leaving Soon, just not soon enough
6 months ago

Miami office space is booming partly in thanks to Ken Griffin. Chicago chased him out of town, and he could not be happier.

Lurker
6 months ago

If the Loop were the Titanic, this is just the moment you would be hearing the band play “Nearer My Go To Thee.”

Last edited 6 months ago by Lurker
Fed Up Taxpayer
6 months ago

What IPI is failing to notice is that “changing demographics” has chased firms out of downtown. If they haven’t returned yet, 4+ years post pandemic, they aren’t coming back. Chicago should stop bringing that up as an excuse and start getting used to a new normal. Not sure providing housing, and likely affordable housing, in downtown office buildings is going to encourage new corporate tenants to move in. What Chicago needs is new leadership. Out of the box leadership. Not a son or a nephew or a sister in law, or a college roommate of the same old same old.

Ataraxis
6 months ago

The downtown residential conversion plan is DOA. It’s just another Dem Marxist pipe dream. First, the money to do these expensive conversions does not exist in the Illinois and Chicago underwater budgets or in the pockets of the Dem approved developers who get the sweetheart deals. These are very old buildings that require big money to convert and then maintain. Second, the Marxist plans from City Hall all show the shiny new apartments and condos in the old former office buildings as a distraction to get everyone to ignore the elephant in the room, which is a city requirement in… Read more »

Last edited 6 months ago by Ataraxis
Wally
6 months ago

Convert commercial to residential? If employers are moving out of town and encouraging remote work, why move downtown? Empty storefronts on Michigan Ave, restaurants closing because of lack of foot traffic, muggings on the Mag Mile, why move downtown? Conversions may just lead to glut of empty units.

The Craw
6 months ago
Reply to  Wally

Johannesburg predicts the future of Downtown Chicago office space.
Don’t think it could happen here?
The leadership of Chicago is just as socialist, just as racially biased and just as inept as South Africa.
https://www.telegraph.co.uk/global-health/climate-and-people/johannesburg-south-africa-hijacked-buildings-anc/

Ataraxis
6 months ago
Reply to  The Craw

It’s already happened in Chicago at the large apartment building full of illegal criminals in South Shore that ICE raided.
The Chicagoans in that building and the surrounding neighborhoods were collateral damage to the Marxist policy aims of the Dems. Dem voter are always collateral damage to Dem policies.

Last edited 6 months ago by Ataraxis

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