The number of residents in the Loop — as the city’s central business district is known — grew by almost 9% since 2020, according to estimates from the Chicago Loop Alliance…
Population in the Loop, an area bounded by the Chicago River on the north and west sides, stands at 46,000, with the number of residents expected to grow another 17% by 2028, the group estimates. About 95% of residential properties are occupied, up from the pandemic low of 87%, and a rate that exceeds 2019 levels…
Most of the Loop’s population is 25 to 34 years old, with more than 80% living alone or with one person. Almost half don’t own a car and the majority cite the ability to walk to places, the central location and proximity to work as top reasons for living downtown…
The future of the Loop will also be more residential. Another 5,000 housing units are expected to be added by 2028, bringing the district’s total population to 54,000, according to the report. The estimates assume the global economy avoids a major recession, that the cost of building doesn’t become prohibitive and that city incentives to convert commercial blocks into homes move forward. Crime, rising property taxes and developments elsewhere are also threats to the forecast.
It will be interesting to see if and how this trend continues. Does this mean office space converted into residences? New development in the Loop where there are city-wide political battles on where development should be encouraged? Population growth in one part of the city while the population drops elsewhere?
Regardless of the larger context of what has happened in the Loop in the last few years, I am guessing this data point will be used to support development and civic plans.
Legally Sociable 