Companies need offices that are attractive enough to lure employees away from the comforts of home, analysts say.
Barista Karen Cortes waits on office workers in the Loop as they arrive for their morning hot drinks or pastries at West Town Bakery, 190 S. LaSalle St., in Chicago, on Jan. 5, 2023. With most people coming into work on a two- to three-day hybrid work schedule, restaurants and businesses are seeing less foot traffic. Fulton Market is a bit of a bright spot, however, with foot traffic decline far less severe than the Loop.
Activity perked up in the past few months, throwing a lifeline to remaining restaurants, according to Scott Weiner, co-owner of Fifty/50 Restaurant Group, which operates more than a dozen establishments across Chicago, including West Town Bakery and 90th Meridian, both in the financial district. The pattern of office workers staying home on Mondays and Fridays shows little sign of changing, and even Tuesdays through Thursdays are slower than three years ago, said Doug Dunlay, an owner of 4 Star Restaurant Group, which runs Remington’s at 20 N. Michigan Ave. near Millennium Park.“People at lunch are not typically able to walk more than three or four blocks,” he said. “They need something quick and nutritious and then get back to their desk.
There are two markets in downtown Chicago right now, Bauer said. One consists of older properties, especially in the Central Loop, and the other is all the newest or most recently renovated properties, including 110 N. Wacker Drive, Willis Tower and the Old Post Office, buildings already packed with shops and restaurants, among other amenities. It’s this market where tenants are looking to rent offices and people are most often returning to work.
“If you only owned one or two restaurants that would probably be a lot of pressure,” he said. “You wouldn’t have the cash flow from other locations to balance out your portfolio unfortunately.” Sterling Bay owns or operates several downtown buildings, including 600 W. Chicago Ave. in River North, 111 N. Canal St. in the West Loop, as well as 333 N. Green St. in Fulton Market, where it also broke ground in 2022 on two additional boutique office buildings, at 360 N. Green St. and 345 N. Morgan St.These newest buildings include amenities such as ground-floor retail, libraries and rooftop conservatories, added Cora.
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