The share of available office space in the central business district at the end of the year inched up to an all-time high of 23.8%, from 23.7% at the end of the third quarter, according to data from real estate services firm CBRE. This occupancy rate measures how much space is under lease, not actual usage from day-to-day.
The most obvious question is: How exactly does a recovery happen?
—existing companies, now downsizing, need to reverse course and lease larger space
—new firms need to move to Chicago and ink 5-10 year deals for currently vacant space
—commuters need to return downtown 4-5 days a week instead of the 1-2 days a week now
—downtown commuters needs to start eating meals and shopping again downtown instead of going to Oak Brook mall
I just don’t see any of this happening, anytime soon.
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.
The most obvious question is: How exactly does a recovery happen?
—existing companies, now downsizing, need to reverse course and lease larger space
—new firms need to move to Chicago and ink 5-10 year deals for currently vacant space
—commuters need to return downtown 4-5 days a week instead of the 1-2 days a week now
—downtown commuters needs to start eating meals and shopping again downtown instead of going to Oak Brook mall
I just don’t see any of this happening, anytime soon.