The dog days of summer, coupled with major events and improved business travel, gave another encouraging boost to the Loop economy in August, the Chicago Loop Alliance reported. Hotel occupancy’s new high of approximately 90% compared to 2019 levels is the highest since February 2020 and shows that visitors are a key factor in the Loop’s changing landscape.
Pedestrian rates seem to also be driven by tourists with sustained impressions over one million weekly. Additionally, CTA ridership shows promise as major events and holidays encouraged use of public transportation.
“While the Loop continues to see progress in key areas around tourism, our office industry still lags behind other metrics,” said Michael Edwards, president and CEO of Chicago Loop Alliance. “We hope to continue to nurture that key demographic, as well as remain open to new strategies and sectors that will help create a thriving Loop neighborhood in this ever-changing environment.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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