Quote:
Originally Posted by MultiModal
It's true. The class C office market in the central loop is shrinking significantly due to conversions. That's why rates for class C office's have skyrocketed in the past 2-3 years. Also, I know of one more class C office building that will be converted to apartments that is under contract right now in the loop.
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Yeah, the future of Class C is not in the Loop but in former industrial corridors. Pilsen's Lacuna
"Artist Lofts
" is basically just a Class C office building with a funky art theme. Very few actual artists working there, but tons of marketing firms, hairdressers, even a trucking company. Green Exchange in Avondale is similar, and the Fulton Corridor and Ravenswood Corridor have tons.
That's unfortunate for anybody who needs to access those businesses, including employees and customers, and doesn't want to drive - industrial corridors tend to be far from L stations. Bus service isn't what it used to be the last time these corridors were employment hubs, and despite the city's investment in bike lanes and Divvy, biking will always be a problem in wintertime and for people who are less able-bodied. That means driving and parking will continue to be a fact of life unless your company can afford the increasingly expensive space in the Loop.