""If you go back to 2019, which wasn't great then, actually, before COVID, it was 12%. So obviously, this has worsened substantially, continues to worsen.""
""The tax assessments, of course, plummet after that because the value of the building is based on how much rental income they get. If they're sitting empty, their valuations are going to plummet and those tax bills have to be passed off to somebody, and that means residential owners largely.""
""The one ray of hope, perhaps in the long term, is that that number will creep up, that the work-from-home trend will fade. Interestingly, that has been the case in most other cities in the world.""
""They've got to really take the bull by the horns and force some reforms on the city. It would start with crime. That's clearly a solvable problem if the city would get on.""
Chicago's downtown office vacancy rate has risen to 28.6%, marking the 15th consecutive quarter of increases. This rate is significantly higher than the pre-pandemic level of 12%. Older Class B buildings are struggling, selling space at drastically reduced prices, which leads to lower tax assessments. Consequently, residential homeowners may face increased tax bills. While work-from-home trends contribute to the issue, occupancy rates in Chicago have slightly improved. Civic leaders are urged to address these challenges, particularly regarding crime, to stimulate recovery.
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