Crain's Chicago Business reports on Chicago's high cost:
Per square foot, the city’s commercial real estate taxes are the highest in the country, according to the report, paying 24% more than New York and 72% more than Los Angeles.
and
While Chicago added new commercial tenants in the first quarter of this year after experiencing two consecutive years of inactivity or departures, the increased absorption wasn’t enough to offset its high vacancy rate. The 100,000-square-feet of space recently leased is equivalent to one large company, Mr. Vukas said.
Chicago has an 18% vacancy rate, making it the second-highest among 10 downtown office markets. Only Houston has a higher vacancy rate with 21.2%, BOMA officials said in the report.
“What that shows is that we are not generating jobs and not generating new businesses which would make things a lot easier for everyone to do business,” Mr. Vukas said. “We need several big guns to come in.”
Chicago has priced itself out.That's the Chicago Way,high taxes and much vacant square footage.
