The Loop’s Office Vacancy Hits 24%: Who Holds the Bag?
As Class B and C office spaces continue to struggle with post-pandemic occupancy rates, a massive restructuring of Chicago's commercial debt is looming. We break down the $4.2B in CMBS loans maturing by 2025.
Read the Analysis
The Week in Numbers
CTA Budget Shortfall
Projected fiscal cliff for the transit agency in 2026 once federal pandemic relief funds are fully exhausted.
Industrial Vacancy
Rising from historic lows as new speculative construction delivers in the I-55 corridor.
Days on Market
Average time to close for multi-family residential assets over 50 units in the city limits.
Latest Deep Dives
The Red Line Extension's Economic Geometry
Analyzing the TIF district funding the $3.6B southern extension and its projected impact on Far South Side property values.
Chicago's $35B Pension Problem, Visualized
A granular look at the city's four pension funds, the amortization schedule, and what it means for property taxes.
Aldermanic Prerogative and the Cost of Building
How hyper-local zoning control adds an estimated 14% premium to the cost of new housing development in Chicago.
Tool: Property Tax Estimator
With the Cook County Assessor shifting the burden toward commercial properties, understand exactly how the latest multipliers affect your specific asset class and neighborhood.
Launch CalculatorThe Civic Briefing
Post-Bring Chicago Home: What's Next for Revenue?
Following the failure of the transfer tax referendum, the administration is eyeing alternative revenue streams including a digital services tax and increased amusement taxes.
O'Hare's Global Terminal Faces Headwinds
Airlines are balking at the revised cost estimates for the massive terminal redevelopment, threatening to stall the centerpiece of the $8.5B modernization program.
Is Fulton Market Finally Cooling Down?
After a decade of unprecedented growth, leasing velocity in the West Loop submarket has slowed to its lowest point since 2016.
Market Monitor
| Asset Class | Cap Rate | Trend |
|---|---|---|
| Class A Office | 7.5% | ▲ |
| Multi-family (Core) | 5.25% | ▬ |
| Industrial (Infill) | 5.75% | ▲ |
| Retail (Grocery) | 6.0% | ▼ |
Data via Chicago Commercial Collective, Q3 2024. Represents prime assets in city limits.
Analysis & Opinion
The TIF System Has Outlived Its Original Purpose
Tax Increment Financing was designed to cure blight. Today, it serves as an opaque slush fund for downtown mega-developments while starving neighborhood schools of baseline funding.
Stop Trying to Recreate the 1990s Mag Mile
Michigan Avenue's 30% retail vacancy rate isn't a temporary blip—it's a structural shift. The avenue needs a master plan focused on experiential density, not holding out for department stores.