CHICAGO (WBBM NEWSRADIO) -- The latest report on storefront vacancies downtown details record numbers.
Economic leaders in Chicago’s central business district recently held their annual meetings to discuss the changing landscape downtown pointing to new and renewed partnerships with the city and law enforcement to increase a perception of safety and find ways to attract new business along with repurposing existing space that has been sitting vacant.
The picture they painted seemed a bit bright compared to a new report showing record-high retail vacancy of more than 30%. The annual report published by Stone Real Estate had shown a vacancy rate of about 15% in 2019.
Chicago Loop Alliance CEO Michael Edwards told WBBM that a number of factors lead to increased vacancies, including ease of transportation to get people to and around Chicago’s downtown.
"Long commutes on the highway when IDOT is renovating one of our key streets to come in to the Loop is kind of dissappointing," he said.
Photo credit Brandon Ison/WBBM Newsradio
"And certainly the CTA is something that's important to build people's confidence in the Loop, so they'll want to come back."
Edwards remains optimistic as Chicago’s downtown attempts to make a strong comeback post- pandemic, but admits there is room for improvement.
"For a while, we've been bumping along the bottom," he said. "Downtown Chicago is certainly suffering some retail challenges. That can not be denied."
In fact, the last adult bookstore in the Loop closed back in February. It was located on the 100 block of North Wells.
The block serves as an interesting study post- pandemic as vacancies have quickly been snatched up by local restaurateurs and many like Le’Roy Patterson, owner of the L Station, said that business is actually booming for them.
He said Friday afternoon, the restaurant had "almost a full house." "It's a beautiful block. We'd love to have a new neighbor next door to us," he added.
Patterson has just celebrated one year of offering soul food and live music on this block day and night. L Station joins a number of new restaurants on the same block post- pandemic to include Imees Mediterranean Kitchen, and Cleo’s along with surviving storefronts such as Rosati’s and Asada.
Despite the large number of vacancies, Edwards is hopeful that the retail scene in the Loop will bounce back noting the commercial corridors throughout the city’s neighborhoods where there does appear to be regained interest.
"Retail in the neighborhoods is very strong and eventually they're gonna run out of spaces there, so downtown will continue to be a destination for people, workers, visitors, and such and eventually retail will follow."
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