Chicago's Commercial Real Estate Market May Be Tanking!
Posted by Leo Clark. on Sunday, March 6th, 2022 at 11:52am.
The office market in Chicago is still struggling due to the COVID-19 fallout, according to recent analysis from Crain’s.
Expiring leases are still crushing revenues all through downtown Chicago, and even though more companies are starting to sign new leases as we continue to recover from the pandemic, the rate at which they’re being signed isn’t fast enough for many landlords.
A couple high-profile foreclosure lawsuits at the Civic Opera Building and 208 S. LaSalle were made public last year, and a number of other office property owners downtown simply handed over their property deeds to lenders to avoid on-going legal battles.
On the bright side of things, now is a great time to get a deal on office space for any company looking to make a move or expand operations, which could help stabilize the market long-term.
Other buildings are undergoing major renovations in an effort to attract more tenants, including the famed Merchandise Mart, which just recently announced $40 million worth of improvements.