Some hope Google’s future downtown office will rejuvenate the Loop, where many older office buildings have high vacancy rates and shaky finances. But it’s uncertain whether Google alone can revive the city’s urban core.
People walk outside the mostly empty Thompson Center on July 19, 2023, in Chicago’s Loop.
“Google will help, but the problem is bigger than any one organization can solve,” said Joe Learner, chairman of North American brokerage for Savills, a commercial real estate firm. “This is not a problem that is going to solve itself in a short period of time,” Learner said. “We’re going to be having these conversations next year and the year after that.”
“As soon as these vacancies take place, the financial picture will look dramatically different,” said Manus Clancy, senior managing director at Trepp. “That could happen to any building as leases come up for renewal.”Google has rebuilt entire neighborhoods, and not just in Chicago.
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