Wintrust Business Minute: Chicago’s downtown office vacancy rate hits record high

Wintrust Business Lunch

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Chicago’s downtown office vacancy rate hit a record high of nearly 26% in the first half of 2024. It jumped from 25% in the first quarter of the year. Real estate services firm CBRE says the downtown vacancy rate has hit new record highs in 13 of the past 15 quarters as remote work continues to be the trend. Crain’s reports companies have collectively cut back on nearly 2 million square feet of office space over the past year. The office vacancy rate has also negatively impacted the retail environment of downtown Chicago.

Also, Chicago-based medical tech startup SimBioSys is planning more expansion after receiving clearance from the Food and Drug Administration for its platform. Listen for more below:

https://serve.castfire.com/audio/5302440/5302440_2024-07-12-164940.64kmono.mp3

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