March 5, 2024
Chicago Vacancy Rates Are More Than Double Pre-Pandemic Levels & Office Conversions Occuring
The key take away from this article is the deepest subject matter experts in the world (property developers) and those that have real skin in the game (property developers) are making the bet that people are never coming back to the office in the same numbers.
Chicago is just 1 example of hundreds of cities that are being forced to convert unused commercial real estate to residential.
The decision to do conversion is irreversible short of demolition.
The decision not to demolish and build an even taller commercial office tower is a testament to what these deepest subject matter experts in the world are saying in terms of the future of the office...
ARTICLE SOURCE :
https://www.bloomberg.com/news/articles/2024-03-04/chicago-to-go-ahead-with-plan-to-revamp-empty-downtown-towers/