The share of available office space across the suburbs wrapped up the first half of 2024 at a new all-time high of 31.3%, according to data from real estate services firm Jones Lang LaSalle. The vacancy rate is up from 28.9% one year ago and 22.1% at the beginning of the public health crisis, and has hit new record highs for 14 consecutive quarters.
Few, if any, will admit that in addition to the above, the changing Chicago labor market doesn’t have enough workers to support all of this empty office space. The majority of the last decade’s worth of local high school grads can’t read or write at grade level and over half of the good students leave the state forever. The newest residents are mostly third worlders with limited or non-existent light office skills, and the old workforce, consisting of people like a ‘Susie’ in HR or accounts receivable, who graduated in the nearly all native-born class of ’78 at your typical… Read more »
Leaving Soon, just not soon enough
1 year ago
Commercial property values will plumet and so will the tax revenue. Taxpayers will have to make up the difference.
Fullbladder
1 year ago
Chicago’s real estate market is in the Extended-and-pretend stage.
chris
1 year ago
Suburban…..downtown……all areas……JP and BJ and all BLUE mayors have messed up this state!!
Jay Robert and Zippy continue along with others to destroy Illinois. The tipping point I believe has been reached. It will take a 100
Years to reverse the damage done here.
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.
Few, if any, will admit that in addition to the above, the changing Chicago labor market doesn’t have enough workers to support all of this empty office space. The majority of the last decade’s worth of local high school grads can’t read or write at grade level and over half of the good students leave the state forever. The newest residents are mostly third worlders with limited or non-existent light office skills, and the old workforce, consisting of people like a ‘Susie’ in HR or accounts receivable, who graduated in the nearly all native-born class of ’78 at your typical… Read more »
Commercial property values will plumet and so will the tax revenue. Taxpayers will have to make up the difference.
Chicago’s real estate market is in the Extended-and-pretend stage.
Suburban…..downtown……all areas……JP and BJ and all BLUE mayors have messed up this state!!
Jay Robert and Zippy continue along with others to destroy Illinois. The tipping point I believe has been reached. It will take a 100
Years to reverse the damage done here.