North Michigan Avenue's vacancy has risen to 33%, or at least 1 million of the street's 3.2 million square feet, since 2021. Chicago's Water Tower Place is signaling a move away from retail, looking to sell off its top floors to office space. Meanwhile, 900 N. Michigan (just north of Water Tower Place) appears to be standing strong — due in part, building managers say, to marketing the shopping destination as a "lifestyle building," with a gym and a salon.
Lots of room for tents chock full of illegals and food trucks for the same.
debtsor
2 years ago
I haven’t set foot in the downtown malls in nearly half a decade, and I haven’t been to the Mall on Clark street in probably 15 years. Apparently, many people think the same.
Veterano
2 years ago
With a 33% vacancy rate for the Avenue, does that imply property taxes will need to increase 50% for the remaining tenants for the government to break-even? Look out below.
Correction: With a 33% vacancy rate for the Avenue, does that imply property taxes/lease costs will need to increase 50% for the remaining owners/tenants for the government to break-even? Look out below.
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.
Lots of room for tents chock full of illegals and food trucks for the same.
I haven’t set foot in the downtown malls in nearly half a decade, and I haven’t been to the Mall on Clark street in probably 15 years. Apparently, many people think the same.
With a 33% vacancy rate for the Avenue, does that imply property taxes will need to increase 50% for the remaining tenants for the government to break-even? Look out below.
Correction: With a 33% vacancy rate for the Avenue, does that imply property taxes/lease costs will need to increase 50% for the remaining owners/tenants for the government to break-even? Look out below.
No, it means the poor slobs in the neighborhoods will get to pony up more. Kindof a SW suburb effect.