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Chicago’s Central Loop Poses a Redevelopment Opportunity
Chicago’s Financial District in the Central Loop, centered on historic LaSalle Street, faces the prospect of vacancies climbing beyond the current 15.1%—among the highest of any submarket in the CBD—as prime tenants depart for newer product. The Central Loop is ripe for redevelopment as Chicago’s hot new live/work/play neighborhood, according to a newly-released report from Cushman & Wakefield.
“Many of these historic buildings are rich in character and yet virtually obsolete due to deferred maintenance and other issues that have pushed up office vacancy,” said Susan Tjarksen, managing director, Cushman & Wakefield’s Strategic Capital Markets.
However, she added, “With thoughtful modifications and, in some cases, entirely new uses, there’s an opportunity to create the kind of fun, livable neighborhood that’s emerged in Fulton Market and the greater West Loop, leveraging the CBD’s unparalleled access to transit and proximity to the river.”
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- ◦Economy
- ◦Lease
