Workers who do return will find a more attractive environment from the moment they enter, according to Todd Heiser, co-managing director of Gensler’s Chicago office, one of the project’s lead architects. “The most important thing for us is we’re seeing week-over-week improvement,” Moore said. Foot traffic into the building was down 64% in early January compared with the same week in 2019, and by May 9, traffic was down 44% compared with 2019, roughly similar to 70 other Chicago buildings studied by Placer.ai. Willis Tower has seen increased activity, according to Placer.ai, a data analytics firm which tracks mobile devices. “Properties nearby don’t have comparable amenities, but they are going to be less expensive.” “This isn’t a building you’re going to get into and find a discounted, post-pandemic rent,” Rogoway said. That could lead to higher costs for new tenants. “I also think they’ve done a fabulous job with the new retail, so we talk about Willis with every prospect we work with that’s a fit for the West Loop.”īut the $500 million price tag also means Blackstone has a big investment to recoup. “This quadrant of the Loop is going to be a much more vibrant part of downtown,” said Allen Rogoway, managing principal at Cresa Chicago. And Kastle Systems, a security firm that tracks office entries, estimated most workers remain at home, with actual office use in the Chicago metro area now standing at just 39%, up from 37.8% four weeks ago. Firms have shed millions of square feet in leased space since 2020, and the market’s vacancy rate just hit a record high of 19.7%, according to a new report from Colliers International. Leasing empty offices is not easy these days. Its most notable vacancy appeared when United Airlines, the building’s largest tenant, announced early last year it would give up three of its 17 floors after posting more than $7 billion in losses for 2020. Those buildings also promise all the perks and were landing new tenants even during the darkest days of the pandemic.īlackstone hopes to copy that success at Willis Tower, currently about 85% leased. Willis Tower now belongs to an elite class, she added, equal to gleaming new projects along the Chicago River such as the Salesforce Tower and others to the west in Fulton Market, the city’s hottest office market.
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