Posted 41 hours ago in Trending
2 MIN READ -- Chicago Loop Alliance (CLA) recently released its quarter four 2024 State of the Loop report on downtown activity, using a variety of data sources, produced by CLA since July 2020. The report tracks pedestrian and transportation activity, office workers on-site, retail, arts and culture, investment, and more. View the quarter four (Oct.-Dec. 2024) State of the Loop report here.
“The Loop continued its forward momentum taking advantage of a busy final quarter,” said Michael Edwards, President and CEO of Chicago Loop Alliance. “Strong arts & culture attendance, robust retail sales, significant investments and large events that foster community bode well for an invigorating 2025.”
Retail
Holiday retail sales nationwide increased overall by nearly 4% from 2023, according to Mastercard Spending Pulse data.
State Street retailers reported heavy customer spending throughout the holiday season. Further evidence of a healthier Loop is the reported lease of GAP Factory Store at 17 N. State Street, and Reckless Records relocating to a larger location on Wabash Street. State Street continued to be a top holiday shopping destination in Chicago, reflected in the 10% increase of pedestrian activity over last year.
Pedestrian and Transportation
State Street in the Loop experienced 1.4 million average weekly impressions, reaching 88% of 2019 levels, the highest since the pandemic for this quarter.
Average weekly CTA ridership for Q3 reached nearly 71% of 2019 levels, experiencing a 10% increase since Q3 2023. Metra’s average monthly ridership also increased by 3% in the same quarter compared to 2023.
Arts and Culture
Hundreds of thousands of spectators attended various holiday Loop events like the 10th annual Arts in the Dark Parade, the 33rd annual Magnificent Mile Lights Festival, and the 111th annual Tree Lighting Ceremony.
Daley Plaza’s Christkindlmarket boasted a record-breaking 1.4 million visitors between November 22 and December 24, an 8% increase from last year, despite a shorter event duration and colder weather.
Loop theatres, along with the Art Institute of Chicago brought 1.3 million attendees to the Loop in Q4, citing a 10% decrease from Q4 2023, however, attendance still represents over $354 million in direct economic impact.
Office
While the office market continues to face challenges, CannonDesign is renovating its office located in Michigan Plaza.
“We are enthused to reinvest in Chicago’s Loop,” said Charles Smith, Principal and Chicago Office Practice Leader, CannonDesign. “Refreshing our 39,000 square feet LEED Platinum office space at 225 N. Michigan reconstitutes our commitment to the Loop well into the future.”
Chicago averaged 50% of pre-pandemic office occupancy during Q4, as per Kastle Systems, remaining 2 percent above the 10-city average.
Investment
The Q4 total value of building permits in the Loop was over $430 million, which is approaching the level of pre-pandemic investment, a good sign of economic recovery. This, paired with the smaller number of permits, indicates that stakeholders are focusing on larger projects.
Methodology
Sources for pedestrian activity provided by Springboard MRI; public transportation provided by Chicago Department of Transportation and Chicago Transit Authority; arts and culture provided by Choose Chicago Cultural Index, Art Institute of Chicago; office occupancy provided by Kastle Systems; retail provided by Mastercard Spending Pulse; building permit data provided by Chicago Cityscapes.
