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by Certified
1285 days ago
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I had a long talk with a Chicago born cab driver when visiting a few years back. He explained to me that Chicago used to be a conventional city where the businesses were downtown and residential was a donut around that. Traffic was congested into downtown in the mornings and out of downtown in the evenings. As the city grew and commutes into downtown from the suburbs worsened, the businesses started moving out of downtown into the suburbs to be closer to their employees. This left downtown with low occupancy. A few people eventually got wise to the situation and started turning a lot of the unused downtown commercial space into residential space. Fast forward to today and the traffic patterns have reversed, with congestion out of downtown in the morning as people commute out towards the ring of businesses and into downtown in the evening where people now live. I see this same trend happening in Houston where I live now and I suspect it is happening in other large car-centric cities as well. |
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For a long time, my office was always in the suburbs. Out of the 100s of people I knew in the office, I only ever heard of maybe a dozen living in the city and reverse commuting. They were always fresh out of college, and all gave up that lifestyle after a couple years because commuting out to the suburbs each day is challenging and time-consuming (no easy way to get from the rail station to the office, for instance).
Our company decided to move their headquarters into the city "to attract younger talent" a few years before COVID. What actually happened is that over the course of several years, the vast majority of people assigned to the new downtown office slowly stopped coming in at all and now nearly everyone works from home, and COVID of course only accelerated that. The younger people that live in the city are almost always on Zoom when they join meetings so it doesn't seem like they're taking advantage of the office much either now. Also, there were a small number of people who lived in the suburbs but favored city life who moved back into the city when the office moved there. However, anecdotally every single one of them that I know moved back out to the suburbs in 2020/2021 because they all became trapped in their small apartments with nowhere else to go because Chicago shut everything down for an extended period of time. Now that things are open again, no one that I know has moved back, and our office downtown is still a ghost town. On the rare occasion I've gone in, it's not uncommon to be the only person present on an entire floor of the building. I don't know how long the lease is but I have to imagine we'll scale way back on the space when it expires.