Posted on 05/30/2024 8:54:41 AM PDT by ChicagoConservative27
In Chicago, the birthplace of the skyscraper, the total downtown office vacancy rate has jumped to 25.1%, a new record high, according to data from real estate firm CBRE. The rate has climbed steadily since the end of 2018, when it stood at 13.4%.
“We just don’t have the same number of people working in the Loop as before,” said Dan McMillen, a real estate professor at the University of Illinois Chicago.
Now, the city says it is investing in its real estate.
Just like a mortgage, interest rates on billion-dollar loans used to build skyscrapers are rising. Those high costs and the price of maintaining a skyscraper are causing the downtown neighborhood to plummet.
The market for these buildings has gotten so bad that some of the buildings are now selling for less than a quarter of what they were valued at a few years ago, according to the Wall Street Journal.
One developer even said that if all the empty space in Chicago was added up, it would equal about 16 Willis Towers worth of empty space.
(Excerpt) Read more at thehill.com ...
Willis Tower means “Sears Tower”
Another great idea....
In the 1980s.....
Surprised they haven’t renamed it to Obama Tower.
“More stupid central planning...”
Hey, it’s not their money. They are happy to spend OPM where the markets have “failed.”
I have talked to severl building owners in the downtown area. They are going to use federal money to create section 8 housing downtown. Don’t plan to visit Chicago after they are built.
Whatchoo talkin’ ‘bout?
😆😂🤣😜
who’s doing the subsidization? us?
Don’t give them any more ideas 💡💡💡!!!
And, keep in mind that the “subsidies” will be Fed $$$ made available by either BeijingBiden or Newsome. Just like the handouts in 2020 to rebuild after DNC’s BLM/Antifa thugs burned and murdered. So long as money moves around it can be skimmed.
yeah because criminals needa higher class of store to pillage
I hear you.
I lived in Chicago for a number of years. I recall people saying to avoid the Dan Ryan Expressway through the south side. And the reasoning was, suppose the car breaks down or you get a flat tire in that bad neighborhood?
Total waste of time!
Just throwing money right into the toilet.
“Chicago isn’t the only city experiencing high vacancy rates.
San Francisco is in the same boat and is taking a similar approach by relaxing construction rules and offering tax cuts. Minneapolis, Houston, Dallas and Tulsa are also among the cities with higher vacancy rates.”
Hmmm.. I wonder if there is maybe a commonality amongst all those places that might explain the financial devastation. A behavioral pattern perhaps...
Way too late, Progressive Politics and bad Tax Policies have destroyed the city and nothing the city does will bring that back, unless all taxes, especially property taxes are rolled way back and the inner city violence is dealt with.
The mayor has a summer safety plan which is supposed to deal with inner city violence.
Will his plan have any effect? Stay tuned.
Do they still do midnight basketball and other recreational programs to try to deter gang violence?
“Chicago plans to give millions to connected insiders” fixed the headline.
And it seems to be happening in democrat controlled cities
https://www.inquirer.com/real-estate/commercial/market-east-sixers-arena-immigrants-20240529.html?
Although the headline reads differently from the link...
A new idea for Market East: A ‘Welcoming District’ for immigrants who are driving population growth
Zillions to their cronies (donors) who will a build substandard product that will inevitably need to be repaired (by more donors) ... all of whom will kick back zillions to their benevolent patron who made all of it possible.
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