""One of the problems that is being faced right now in Chicago is that for so long downtown has been centralized for businesses and now in a post-COVID world, where more and more companies realize that remote work is possible, you suddenly have people wondering what is there downtown to be offered," Estabine told The Center Square. "There has been some return to the office, but a lot of companies are opting to remain remote.""
""Downtown has become this place where people drive in in the mornings to go to work, then leave in the evenings," she said. "There's nobody in the area after they've left work for the day to stay and be paying customers. By looking at this as a way not to just decrease the vacancy rates but also to revitalize the downtown region can become a community and not just somewhere that people commute for work.""
Chicago's downtown office vacancy rate has reached a record-high 28%. Loop vacancies surged in the recent third quarter as post-pandemic remote work trends continue to reduce demand. Companies cutting footprint over the last two years have vacated 2.3 million square feet, nearly double the space lost during the 2009–2010 Great Recession. Rising interest rates increase urgency for action. Easing commercial-to-residential building conversions, modeled on Midtown Manhattan efforts, could reduce vacancies, address the housing crunch, and transform downtown from a commuter hub into a more active, residential community that supports local businesses.
Read at The Center Square
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