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
10 days ago
When buildings near the train station are vacant, in the supposed hot ‘west loop’ you know things are FUBAR.
If you’ve been in Illinois long enough to go through a school district tax hike referendum, you’ll understand what’s going on right now as state lawmakers prepare to vote on the 2025 state budget.
Ted joined Shaun Thompson to talk about about the Chicago Teachers Union’s absurd new contract demands, why so many Chicago teachers are chronically absent, and Brandon Johnson’s failed first year as mayor.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
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.