More & more empty store fronts in Chicago. Beware commercial Real Estate.

W

wilburbear

My wife and I drive around saying, that diner is now closed, the movie theater closed, etc.

Tonight I saw a long standing car dealership that just closed.

It would make sense that the physical world is in decline with the rise of the internet.






1111
 
Chicago is going to have more of this I'm afraid. I think we are on a path to return to some version of the 1970s. A lot of the gains made in the 90s and 00s will reverse. There will be white flight to the suburbs as educated people can no longer justify paying higher taxes under Joe Berrios as assessor and who knows what Rahm will do to further encourage people to leave. God help us if one of "the reverends" were to become mayor. People will no longer be able to justify the high price of city living where they pay exorbitant property taxes that are going up shortly and private school tuition. Punitive fees and taxes will continue to drive people to shop elsewhere. The police are being sent to higher crime areas so those paying taxes are not getting the protection they deserve. This will encourage more crime in wealthy areas. There is more worth stealing and fewer police to respond. People will get fed up.

Specific to commercial real estate the parking meter scam has driven lots of business elsewhere. I live on Clark Street in Lincoln Park and I have watched stores close and a normally full street of parked cars largely empty at many times during the day.

What will be left? Entitlement familes, bangers, urban blight. Unfortunately cities rise and decline. We've been in a bull for nearly 20 years. We are about to have a sharp reversal I'm afraid. It's started already. It's really a shame.

We won't face the same future as Detroit, but we certainly will lose a lot of what makes Chicago great today.
 
You are right on, but Businesses closing is an overstatement, there is some truth to it, but there were too many businesses to start with. Do I want to live in Chicago, no way, but its not a bad place to hang out.


Quote from illinimatt81:

Chicago is going to have more of this I'm afraid. I think we are on a path to return to some version of the 1970s. A lot of the gains made in the 90s and 00s will reverse. There will be white flight to the suburbs as educated people can no longer justify paying higher taxes under Joe Berrios as assessor and who knows what Rahm will do to further encourage people to leave. God help us if one of "the reverends" were to become mayor. People will no longer be able to justify the high price of city living where they pay exorbitant property taxes that are going up shortly and private school tuition. Punitive fees and taxes will continue to drive people to shop elsewhere. The police are being sent to higher crime areas so those paying taxes are not getting the protection they deserve. This will encourage more crime in wealthy areas. There is more worth stealing and fewer police to respond. People will get fed up.

Specific to commercial real estate the parking meter scam has driven lots of business elsewhere. I live on Clark Street in Lincoln Park and I have watched stores close and a normally full street of parked cars largely empty at many times during the day.

What will be left? Entitlement familes, bangers, urban blight. Unfortunately cities rise and decline. We've been in a bull for nearly 20 years. We are about to have a sharp reversal I'm afraid. It's started already. It's really a shame.

We won't face the same future as Detroit, but we certainly will lose a lot of what makes Chicago great today.
More...
 
Chicago kept Wal-Marts out.

Apparently, Wal-Marts save people money - and that's bad, you know. Especially when the money saved has no gain in political power associated with it.

Anyway, it was later discovered that the old, inefficient, local Jewel-Osco grocery stores had been conducting a dirty tricks campaign against Wal-Mart using "community organizers", etc.

Over 20 years shopping here, I could've saved $20,000 if there had been a Wal-Mart.
 
Quote from wilburbear:
----Wal-Marts save people money....
----local Jewel-Osco grocery stores....
----I could've saved $20,000....
More...
You could be 200 pounds heavier and have additional health ailments too. :( :D
 
Not sure what part of Chicago your speaking off. The North Side of Michigan ave is doing fine. The south Loop is still doing well.

Directly downtown in those two areas, things are not empty per sa.

I lived dowtown for 8 years off of State, north loop. Chicago is a fine place to live if you have the money. Burbs are for those who can't afford to live in the lofts, Condo's or Apartments.

More Crap moved into the burbs west and south, started in 00.
North Suburbs cost a bit more to live in than the City in Certain areas.

So, while outside the loop there will be plenty of Empty Space, I doubt inside the loop this will happen to the extreme.
 
Quote from EMRGLOBAL:


I lived dowtown for 8 years off of State, north loop. Chicago is a fine place to live if you have the money. Burbs are for those who can't afford to live in the lofts, Condo's or Apartments.
More...

i think its more expensive in the suburbs. You need a car for everything while in the city everything is around the corner.
 
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