Reported about 1 year ago
The central business district of Chicago, once filled with skyscrapers, is now facing increasing vacancy rates, leading the city government to offer the highest subsidies in the U.S. for the renovation of office buildings. This is an effort to revive the declining office market. Despite initiatives by the city mayor and government, the office vacancy rate has soared to 16%, causing prices to plummet and many buildings to become abandoned. Efforts are being made to convert some of these office spaces into apartments and hotels with the hope of revitalizing the city's economy and real estate market.
Source: YAHOO