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Chicago Office Landlords Prepare for Recovery with Capital Improvements Drive
Chicago’s office landlords don’t know what tenant demand will look like on the other side of the pandemic. However, Crain’s Chicago Business reported, it’s not stopping them from putting capital into their buildings to prepare for a market that’s expected to be much softer than the pre-crisis one.
As of October, the dollar volume of renovation work on Chicago-area offices was $643 million. That’s up 8% over full-year 2019, Crain’s reported, citing Dodge Data & Analytics.
For instance, Walton Street Capital moved up a lobby modernization at 401 N. Michigan Ave. from its originally scheduled start date of 2021 and completed the job last year.
“If you believe that people will still want to congregate in offices and that downtowns are not dead—which we believe—you want to make sure you’re best-positioned coming out of this to have the best amenities,” Walton Street’s Stephen Sotoloff told Crain’s.
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