Over a quarter of the office space in Chicago’s Loop is empty:

The vacancy rate in the Loop was 24.7% in the second quarter of 2025 — a record high, according to research from commercial real estate firm Bradford Allen. That’s up 1.3% from the first quarter, and a 2.7% increase compared to the second quarter of 2024.

The firm said the second quarter was also one of the weakest periods for overall office demand since the beginning of 2024. Direct net absorption, a measure of space that’s been leased versus vacated over a period of time, hit negative 1.5 million square feet. That means more companies vacated than leased office space in the second quarter…

But it’s reassuring to see more foot traffic in the Loop, and he said more companies are requesting office tours for larger spaces, signaling strong interest in the Loop. He also said his firm is doing more office and retail deals downtown.

Leasing activity is starting to return after companies pulled back on signing larger leases during the pandemic. There’s a lot of larger tenants in the office market right now, and it feels promising, DeMoss said.

Each time I teach Urban Sociology, we consider the famous concentric circles map of Chicago produced by the Chicago School. At the middle of the map is the Loop, the central business district. For decades, it has been an economic center for the city. With its placement at the center, it represents the importance of economic activity in the big cities of today.

But what if the Loop became something else? The vacancy rate cited above suggests about one-quarter of the office space is empty. In a setting where there is a lot of office space overall, this adds up to a lot of space. What if this space was used differently?

This could be a shift toward more residential units in the Loop. Mixed-use development is popular in many places as it can help create a 24-hour vibrancy that can be lacking in places primarily consisting of office space used during workday hours.

But it could also mean a shift toward other land uses. More food and retail spaces? More recreational and cultural spaces? More community and municipal spaces? Less need for parking spaces?

While the record vacancy rate gets the headlines, it would be interesting to hear more about people and institutions that could help shape the future. What will the Loop be in 10 or 25 years and does this hint at shifts across many American cities?