Posted 17 months ago in Trending
2 MIN READ -- Chicago Loop Alliance (CLA) released its State of the Loop report for quarter two 2023 on downtown activity, using a variety of data sources, which the organization has produced since July 2020. The report tracks pedestrian activity, parking volumes, hotel occupancy, office workers on-site, arts and culture, investment, and more. Record tourism, planning for the future of State Street, and major events and programming provided positive trends for the downtown corridor. View the quarter two (April-June 2023) State of the Loop report here.
“Warmer weather brought a flurry of activity to the Loop, amidst the continued return of major events driving local and international tourism,” said Michael Edwards, President & CEO of Chicago Loop Alliance. “Hotel occupancy and pedestrian activity in the Loop reached record levels this spring, due to large scale events like concerts, business conferences, and summer holiday leisure travel. As significant programming like Sundays on State and Lollapalooza return this summer, we anticipate an increase in Loop activity.”
Pedestrians
Pedestrian impressions on State Street in the Loop continue to increase, reaching 93% pre-pandemic levels during the week of May 22.
Pedestrian impressions grew by 80% in quarter two from 2021 to 2023:
Arts and Culture
Throughout quarter two, the Loop’s robust arts and theatre scene attracted over 1 million people to cultural events in the Loop despite many other early summer alternatives. These figures represent over $271 million in estimated economic impact to the city.
Hotels
Major events like Taylor Swift at Soldier Field, the James Beard Awards and ASCO Conference drew hundreds of thousands, resulting in an all-time record-breaking hotel occupancy rate during the first weekend in June. Citywide hotel occupancy for the week ending on May 29 increased 65% from 2020 levels.
Hotel occupancy rates for quarter one of 2023 more than double from the same time period in 2021:
Metra and CTA
Metra provided 2.9 million passenger trips in quarter one 2023, 75% more than the number of trips in quarter one 2022.
CTA provided nearly 62 million passenger trips in quarter one and reported the highest amount of trips since the start of the pandemic in 2020 for the first week of June.
CTA ridership rates doubled in Quarter 1 of 2023 compared to the same time period in 2021:
Office
Chicago office occupancy remains above the major US cities average for quarter two, trailing only behind Austin, Houston, and Dallas (in that order) by less than two percentage points.
Investment
In exciting news for the future of the Loop, residential development continues with the opening of the 73-story building 1000M (1000 South Michigan Avenue), expecting to welcome first tenants in spring of 2024.
Collectively, Loop households spending capacity exceeds $940 million annually, and provides an opportunity for continued Loop investment, including more retail and service options to support a thriving neighborhood.
Parking
Parking in the Loop ramped up as warm weather and summer activities began. The highest parking volume measured in Q2 was 118% of 2022 levels during the week of May 15.
