{"id":2330,"date":"2022-04-15T00:00:00","date_gmt":"2022-04-15T00:00:00","guid":{"rendered":"https:\/\/loopchicago.local\/press-releases\/march-report-on-downtown-activity-shows-tourism-and-business-returning-in-the-loop\/"},"modified":"2022-04-15T00:00:00","modified_gmt":"2022-04-15T00:00:00","slug":"march-report-on-downtown-activity-shows-tourism-and-business-returning-in-the-loop","status":"publish","type":"press_release","link":"https:\/\/loopchicago.com\/es\/press-releases\/march-report-on-downtown-activity-shows-tourism-and-business-returning-in-the-loop\/","title":{"rendered":"March report on downtown activity shows tourism and business returning in the Loop"},"content":{"rendered":"

Press contact: <\/strong>Ariella Gibson | Marketing and Communications Manager, Chicago Loop Alliance | Ariella@ChicagoLoopAlliance.com<\/a> | 708-543-4002<\/p>

MEDIA: <\/strong>View and download photos and videos here.<\/a>

<\/span>SOCIAL:<\/strong> #BackInTheLoop #inTheLoopChi   
@loopchicago<\/a>     @ChicagoLoopAlliance<\/a>    @ChiLoopAlliance<\/a>     @Chicago-Loop-Alliance<\/a><\/p>

FOR IMMEDIATE RELEASE | April 15, 2022
<\/strong><\/p>

CHICAGO\u2014<\/strong>Today, Chicago Loop Alliance (CLA) released its March report on downtown activity, using a variety of data sources to track operations during COVID-19<\/a>, as it has done monthly since July 2020. The report tracks COVID-19 positivity rates, pedestrian activity, parking volumes, hotel occupancy, number of office workers on-site and more. The data indicates that four key metrics for Loop recovery are record-setting for March; pedestrian levels reached over 96 percent recovery rate the week of March 14; and office and parking garages also met record recovery rates. View the full March report <\/a>.<\/p>

Several March events surrounding St. Patrick\u2019s Day bolstered activity in the Loop. Along with the removal of a mask mandate and healthy COVID positivity rates, downtown saw an increase in office workers returning; continued arts and culture performances; and portions of tourism returning with several conferences in the downtown area. Pedestrian impressions reached over 96 percent of 2019 levels for the week of March 14, with the highest monthly recovery rate measured since the impact of the pandemic, consistently surpassing 1 million impressions each week.<\/p>

\u201cMarch\u2019s recovery metrics are impressive and hopeful as more businesses return to the Loop, visitors make their way downtown, and programming increases. With upcoming initiatives like BOMA\u2019s Chicago Returns Week and our popular event series Los domingos en State<\/a>, there are more opportunities for Chicagoans and visitors to experience the energy of the Loop again,\u201d said Michael Edwards, President and CEO of Chicago Loop Alliance. \u201cAs a downtown, we are optimistic that as more tourists, businesses, workers, and Chicagoans make their way back downtown, the Loop will return to its safe and lively atmosphere we all know and love.\u201d<\/p>

Pedestrian activity
<\/strong>Major events, including St. Patrick\u2019s Day celebrations and the Shamrock Shuffle, pushed pedestrian averages on State Street in the Loop to record highs. Throughout the month, State Street counters reported over 1 million weekly pedestrians, reaching a peak of 1.4 million visitors, or 96.5% of their 2019 levels during the week of March 14.<\/p>

Elsewhere in the Loop, pedestrian counts along the Pedway\u2019s main stem were over 10,000 for the tenth straight week. While counts remain at 20% of their comparison first quarter totals in 2019, the Pedway had not experienced the same volume of users since March of 2020.<\/p>

\u201cWith April 4 the key date for many employees returning to the office, Loop retailers optimistically await the increase of office density. Retailers will now track the significance of the return; 40 percent, 50 percent, 60 percent, and the consistency of the return, three days, four days or five days a week,\u201d said John Vance, Principal of Stone Real Estate. \u201cWhen retailers can answer the \u2018how much\u2019 and \u2018when\u2019 questions regarding the return of density, they will start doing deals again in the Loop.\u201d   <\/p>

Office occupancy<\/strong><\/p>

Chicagoland offices broke through an important milestone in March, reaching 40 percent occupancy of their 2019 levels. Similar occupancy rates throughout the month helped push the monthly average to 39% percent, the highest yet. The figures stand in contrast to the position of Chicagoland offices a year ago, when rates near 16 percent of their 2019 occupancy levels were reported. Despite the improvements, Chicagoland\u2019s occupancy ranks eighth of the nation\u2019s ten largest working metro areas. The occupancy rate is most similar to that of the New York City, Washington, D.C., and Philadelphia metros.<\/p>

\u201cWith the return of tenants to our Loop office buildings, we are seeing a stabilization in occupancy, and we are optimistic for the future. The recent ULI study underscores the strong market outlook for LaSalle Street and we continue to believe in the Loop as a compelling business location for both small and large companies,\u201d said Greg O\u2019Neal, Managing Director, Beacon Capital Partners.<\/p>

\u201cMarch saw the highest occupancy rates in the central business district since March 2020, and we believe this trend will only continue upward,\u201d said Derrick Johnson, Senior Vice President of Zeller and President of BOMA\/Chicago.  \u201cThe downtown district is enlivened with commuters making their way back to office spaces, patrons visiting their favorite lunch spots, and new commercial developments hitting the market. With BOMA\/Chicago celebrating Chicago Returns Week in early May, we anticipate a further acceleration of tenants returning to the office, reconnecting with colleagues, and rediscovering the innovation that comes from in-person collaboration.\u201d<\/p>

Parking reservations
<\/strong>March\u2019s tourism events attracted drivers into the Chicago Loop, keeping parking reservation rates over 100 percent of their 2019 levels throughout March. The rate is nearly a doubling of the one set in March 2021. Month-to-month, the number of reservations increased by 12.6 percent from February. With an average of 16,200 weekly bookings in March, the volume is a recent high point since counts in December 2020.

Parking garages
<\/strong>The return of large-scale events to the Chicago Loop was reflected in a substantial increase in operations for Loop parking garages, reaching 65 percent of their 2019 levels. The rate is the highest measured since September 2020 and continues a three-month positive trend in increased operations. With the strong performance in March, the 11-month rolling average improves to nearly 55 percent of 2019 rates.<\/p>

Hotel occupancy<\/strong><\/p>

Following a slowdown in January, occupancy rates for Loop hotels began their 2022 rebound in February, averaging 52 percent of their 2019 occupancy levels for the month. The month-to-month improvement is significantly larger than the one reported a year ago, when occupancy rates had not yet reached 30 percent of 2019 occupancy.<\/p>

March\u2019s positive recovery rate complements the industry\u2019s continued need for support, and it sets the stage for a stronger recovery for the spring and summer months.<\/p>

\u201cIn March, the lifting of the mask mandate and the return of major events like the dyeing of the Chicago River have had a positive impact on hotels in the Loop,\u201d said Kristin Duncan, General Manager at Renaissance Chicago Downtown Hotel. \u201cAs the weather improves and some of the best attractions downtown return, such as the Chicago Riverwalk and summer programming at Millennium Park, the hotel industry is positive that more and more visitors will return to the Loop.\u201d <\/p>

Metra ridership<\/strong><\/p>

Even with the winter weather, Metra\u2019s ridership increased noticeably in February, completing over 1.26 million trips. Across all lines, ridership increased between February 2021 and February 2022, ranging between 6,000 to 75,000 passengers added.<\/p>

While riders from the western suburbs contributed to the BNSF line\u2019s outsized 18 percent share of Metra\u2019s overall February operations, five other Metra lines reported over 100,000 passengers.<\/p>

For those Loop workers who continue to return downtown, Chicago Loop Alliance has created a Back to Work Toolkit that can be found at LoopChicago.com\/BacktoOffice<\/a>. The toolkit includes insider tips for working downtown in the Loop for those who never left, as well as those who are returning or want to stay in the know. Find useful information on how to safely get downtown; what\u2019s new in the Loop; what the Loop looks like these days; lunch and happy hour spots; and more.<\/p>

Chicago Loop Alliance invites people to share their experiences downtown on social media using #BackInTheLoop<\/a> and #ChicagoReturns<\/a>.<\/p>

About Chicago Loop Alliance<\/strong><\/p>

Chicago Loop Alliance<\/a> (CLA)\u2019s mission is to create, manage and promote positive and inclusive programs that attract people to the Loop and accelerate economic recovery. CLA is a membership organization as well as the sole service provider for Special Service Area#1-2015, and the Chicago Loop Alliance Foundation produces public art projects and events. For more information, please visit here<\/a>.<\/p>

###<\/p>

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Press contact: Ariella Gibson | Marketing and Communications Manager, Chicago Loop Alliance | Ariella@ChicagoLoopAlliance.com | 708-543-4002 MEDIA: View and download photos and videos here. 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