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Old 12-15-2020, 11:16 AM
 
881 posts, read 487,392 times
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Quote:
Originally Posted by BRU67 View Post
https://www.chicagotribune.com/real-...~1~8~art%20yes

Word around Chicago real estate circles is that COVID-19 has slowed residential sales downtown, as more people work remotely and seek out larger homes with more elbow room and outdoor space in outer neighborhoods and suburbs.

Lendlease Chicago’s executive general manager of development Ted Weldon, however, sees nothing but promise for downtown home sales in the coming years — which is fortunate, as his company is readying for its next phase of the Southbank development on the edge of the Chicago River.

“There is always migration to the suburbs, but we’re very bullish on the urban downtown market,” Weldon said. “People love and thrive on the nightlife and the incredibly short commute. It’s a trade-off — if you live in the suburbs, you’re looking at an hour commute every day.”
Nightlife yes. But that commute no longer exists with remote work. I don't think people truly appreciate how much remote work is here to stay. Metra and CTA ridership have and will decline dramatically. Remote work is to urban centers what online shopping is to retail...except on a much more rapid scale because the entire world was forced to remote work for a whole year!
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Old 12-15-2020, 11:35 AM
 
Location: Chicago, IL
5,742 posts, read 2,724,479 times
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Quote:
Originally Posted by dtcbnd03 View Post
Nightlife yes. But that commute no longer exists with remote work. I don't think people truly appreciate how much remote work is here to stay. Metra and CTA ridership have and will decline dramatically. Remote work is to urban centers what online shopping is to retail...except on a much more rapid scale because the entire world was forced to remote work for a whole year!
Agree. Remote work is here to stay. Although, I do think we will slowly start to see a "hybrid" model in many industries. I think people are also realizing that there are many humanistic/intangible/logistical benefits that in-person office environments can offer. Those benefits are not enough to go back to the traditional office environment full-time, but they are enough where I think that many companies will opt for a "hybrid" setup. Now for some industries/companies, complete remote work may be here to stay.

I think the biggest impact will be on things like business travel. The amount of money that can be saved by averting that kind of travel is astronomical, and from a financial standpoint it doesn't make much sense to go back to. That is why I personally think that airlines are in for a world of hurting in the future. Regular business travel is a backbone to their profits. Other things like large conferences, I think will be put on hold for a few years (although I can see them coming back over time).

COVID has changed a lot.
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Old 12-15-2020, 12:13 PM
 
1,047 posts, read 279,333 times
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Default I thought this recent Tribune article is pertinent to this thread though downtown as a whole.

Title- Chicago architecture in 2020: In a year like no other, anxiety soared about the future of downtown Chicago, but so did new skyscrapers.

Hopefully not behind a firewall for some as they do with me many times.

https://www.chicagotribune.com/colum...7ye-story.html

Still here are some tidbits in the link.
- Even as the pandemic has emptied everything from sidewalks to office cubicles, building has gone on here, putting money into construction workers’ pockets, culminating a years-long building boom.
- It should remind us that downtown has a future, even if we don’t know precisely what that future will be.
- Whatever one thinks of these buildings - Bank of America and St Regis (Vista) -- it is undeniable that they add sorely needed dollars to the tax base and serve as articles of faith,
- Adding to that optimism, construction began this year on the Salesforce Tower at Wolf Point, an office skyscraper that will be taller than the Bank of America Tower when it’s completed in 2023.

-With companies telling their employees to work from home, the number of commuters pouring into downtown train stations shrank by roughly 90%.
- Tourism and hotel occupancy took a hit. Apartment occupancy levels dropped to their lowest level in 18 years.
- If it wasn’t quite the worst of times, it was certainly pretty awful, so much so that doomsayers questioned the ongoing viability of downtowns. Yet cities have faced great challenges before and rebounded.
- People miss the water-cooler talk, even if they don’t miss their commutes.
- Working from home saves time,
- but it can’t match the excitement of seeing a play or Millennium Park in the presence of others.
- That’s the point of cities -- to convene people, whether it’s for culture or commerce.
- Yet with Covid spiking in Chicago and Illinois, a return to normalcy remains months away.

- And even when downtown office buildings start filling up, many office workers may switch to a hybrid routine in which they split their time between a cubicle and home.

Still, like architect John Van Osdel nearly 150 years ago, downtown’s boosters remain undeterred.
Ten days after the Great Chicago Fire destroyed 18,000 buildings and left about 90,000 people homeless, architect John M. Van Osdel set up shop in the Nixon Block, a downtown building that had escaped relatively unscathed. He started drawing plans for new buildings -- a sign of hope, although a cynic might interpret it as craven opportunism.

"Every major city in America is struggling with the very same issues," Ald. Brendan Reilly, 42nd, whose ward encompasses much of downtown, said at a September groundbreaking for a hotel and residential tower "I just have faith that we’re a more resilient city because we’re economically diverse. ... That doesn’t go away, pandemic or not."

**** I have read of STILL NEW TOWERS PLANNED and GOING FOR CITY APPROVAL ... especially the "West Loop" with one a 47-story along the Kennedy. So HOPE OUT THERE BY SOME WITH THE MONEY!!!!!!
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Old 12-15-2020, 01:30 PM
 
Location: Chicago, Little Village
4,479 posts, read 7,920,316 times
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Quote:
Originally Posted by dtcbnd03 View Post
Nightlife yes. But that commute no longer exists with remote work. I don't think people truly appreciate how much remote work is here to stay. Metra and CTA ridership have and will decline dramatically. Remote work is to urban centers what online shopping is to retail...except on a much more rapid scale because the entire world was forced to remote work for a whole year!
I think a big factor in any kind of a downturn going on is the fiery but mostly peaceful protests that were allowed to happen over the summer. People just don't feel safe in the immediate downtown area right now. And it also feels desolate. Hopefully, the city realizes how damaging that was and take steps to prevent anything like that from happening again in the future. I think they will.
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Old 12-15-2020, 03:53 PM
 
Location: Chicago, IL
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Quote:
Originally Posted by BRU67 View Post
I think a big factor in any kind of a downturn going on is the fiery but mostly peaceful protests that were allowed to happen over the summer. People just don't feel safe in the immediate downtown area right now. And it also feels desolate. Hopefully, the city realizes how damaging that was and take steps to prevent anything like that from happening again in the future. I think they will.
The crazy protests were definitely an issue, but I honestly think COVID’s impact on the way people work is the bigger issue long-term . I say that because downtown working districts across the country are relatively desolate, even in those cities that had tamer protests. I know for me personally, I had been in full time telework mode before the protests. I think COVID is the main driver for empty downtowns across the country. There are many small companies that have suites in office buildings, and they have realized that they can save millions on rent and still can be efficient working remotely. Nationwide, there is a move towards teleworking. Companies know it can now be done relatively efficiently.
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Old 12-15-2020, 04:02 PM
 
881 posts, read 487,392 times
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Quote:
Originally Posted by personone View Post
The crazy protests were definitely an issue, but I honestly think COVID’s impact on the way people work is the bigger issue long-term . I say that because downtown working districts across the country are relatively desolate, even in those cities that had tamer protests. I know for me personally, I had been in full time telework mode before the protests. I think COVID is the main driver for empty downtowns across the country. There are many small companies that have suites in office buildings, and they have realized that they can save millions on rent and still can be efficient working remotely. Nationwide, there is a move towards teleworking. Companies know it can now be done relatively efficiently.
Agreed. The protests were temporary. Remote work has a much bigger impact on my day-to-day life.

BRU67 I saw another offshoot link in your article where they interviewed several people who have moved cause of covid and I found it pretty telling...

https://www.chicagotribune.com/real-...wwe-story.html
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Old 12-15-2020, 04:24 PM
 
2,348 posts, read 1,378,374 times
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Quote:
Originally Posted by personone View Post

I think the biggest impact will be on things like business travel. The amount of money that can be saved by averting that kind of travel is astronomical, and from a financial standpoint it doesn't make much sense to go back to. That is why I personally think that airlines are in for a world of hurting in the future. Regular business travel is a backbone to their profits. Other things like large conferences, I think will be put on hold for a few years (although I can see them coming back over time).
Completely agree with this. For the last 5 months at my previous company (March-August), the big change I made to financial forecasts each month that I rarely touched in prior years was zeroing out all travel expenses. I can't imagine that pattern changed much after I left. It likely saved them between $0.5 million to $1 million to not have employees travel.
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Old 12-15-2020, 07:46 PM
 
Location: Chicago, Little Village
4,479 posts, read 7,920,316 times
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Quote:
Originally Posted by dtcbnd03 View Post
Agreed. The protests were temporary. Remote work has a much bigger impact on my day-to-day life.

BRU67 I saw another offshoot link in your article where they interviewed several people who have moved cause of covid and I found it pretty telling...

https://www.chicagotribune.com/real-...wwe-story.html
But there is one factor that might mean the shift isn’t as severe as it might seem: A larger percentage of the moves are temporary, as people relocate during the pandemic without permanent plans to leave Chicago, Weinerman said.

So I guess the lesson here is we can read into articles what we want. I was generally taught to have a lot of faith and investors, as they're more sophisticated. Now being in real estate for the last six or seven years has taught me to temper that view. Considerably. But there is no doubt there is a lot of money flowing into many Chicago neighborhoods. Ostensibly that wouldn't be happening if these investors thought the future of the city was pointed down.

But if you truly believe this, I might recommend a place like Berwyn. You can get a house with a garage and a yard for less than a condo in the city, and you're still only 18 minutes from the nightlife. That would be perfect for working from home. It awaits your investment!
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Old 12-16-2020, 06:15 PM
 
330 posts, read 130,029 times
Reputation: 416
Quote:
Originally Posted by BRU67 View Post
https://www.chicagotribune.com/real-...~1~8~art%20yes

Word around Chicago real estate circles is that COVID-19 has slowed residential sales downtown, as more people work remotely and seek out larger homes with more elbow room and outdoor space in outer neighborhoods and suburbs.

Lendlease Chicago’s executive general manager of development Ted Weldon, however, sees nothing but promise for downtown home sales in the coming years — which is fortunate, as his company is readying for its next phase of the Southbank development on the edge of the Chicago River.

“There is always migration to the suburbs, but we’re very bullish on the urban downtown market,” Weldon said. “People love and thrive on the nightlife and the incredibly short commute. It’s a trade-off — if you live in the suburbs, you’re looking at an hour commute every day.”
Here is the building that Lendlease is speaking of. It's supposed to break ground in '21 and a new rendering has just been released.

South Bank Phase 2:






Here is another pretty significant proposal for "New City" across from Sono Towers where they just completed "Shops at Big Deahl." These are for the corner of Blackhawk and Kingsbury where there is a large field currently.

Seeking Plan Commision Approval:

28 stories, 11 and 5. All visible in the rendering




With all these proposals and scheduled groundbreaking activies we are seeing the professionals in the know with access to numbers we don't have are obviously very optimistic about Chicago's future prospects. If work-from-home was going to be that detrimental to big-city life I think the people risking hundreds of millions/billions would be the first to pull out of investments reliant upon tenants.

Here is the latest rendering for "The 78" which now includes the $250 million Discovery Partners Institute that just received $142 million in funding from the state.

The design was awarded to OMA who came through with a solidly creative design. Their building in Berlin is fantastic. This building will be a world-class landmark for the project.


Last edited by IronWright; 12-16-2020 at 06:27 PM..
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Old 12-16-2020, 07:48 PM
 
330 posts, read 130,029 times
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Yet another Fulton Market proposal

296-key 'Pods Hotel' to replace Fulton Market Kitchen at 311 N. Sangamon.

13 Stories:



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