""If you go back to 2019, which wasn't great then, actually, before COVID, it was 12%. So obviously, this has worsened substantially, continues to worsen.""
""The tax assessments, of course, plummet after that because the value of the building is based on how much rental income they get. If they're sitting empty, their valuations are going to plummet and those tax bills have to be passed off to somebody, and that means residential owners largely.""
""The one ray of hope, perhaps in the long term, is that that number will creep up, that the work-from-home trend will fade. Interestingly, that has been the case in most other cities in the world.""
""They've got to really take the bull by the horns and force some reforms on the city. It would start with crime. That's clearly a solvable problem if the city would get on.""
Chicago's downtown office vacancy rate has risen for 15 consecutive quarters, reaching 28.6%. This increase has significant implications for homeowners, as declining office occupancy leads to lower property valuations and higher tax bills. While modern buildings are performing better, older Class B buildings are struggling, selling space at drastically reduced prices. Work-from-home trends contribute to the issue, although occupancy rates in Chicago have slightly improved. Civic leaders are urged to address the situation, particularly regarding crime, to encourage reforms and improve the city's appeal.
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