Allison Gerlach Director of Events | Chicago Loop Alliance
The final quarter of 2024 saw positive trends in tourism and investment for Chicago's Loop area. According to a statement, "The Loop continued its forward momentum taking advantage of a busy final quarter," with strong indicators in arts and culture attendance, retail sales, investments, and community events.
Retail sales during the holiday season showed an increase nationwide as reported by Mastercard Spending Pulse data. State Street retailers experienced significant customer spending, evidenced by new leases such as the GAP Factory Store at 17 N. State Street and Reckless Records' move to a larger location on Wabash Street. The pedestrian activity on State Street also increased compared to last year.
Public transportation usage showed improvement with CTA ridership reaching nearly 71 percent of 2019 levels in Q3, marking a 10 percent rise from Q3 2023. Metra's average monthly ridership rose by 3 percent over the same period.
Holiday events attracted large crowds, including the Arts in the Dark Parade, Magnificent Mile Lights Festival, and Tree Lighting Ceremony. Daley Plaza’s Christkindlmarket recorded high attendance despite colder weather and a shorter duration.
Loop theatres and the Art Institute of Chicago saw a decrease in attendance by 10 percent from Q4 2023 but maintained substantial visitor numbers.
In office space developments, CannonDesign is renovating its office at Michigan Plaza. A representative stated, "We are enthused to reinvest in Chicago’s Loop," emphasizing their commitment through the refurbishment of their LEED Platinum office space.
Office occupancy averaged 50 percent of pre-pandemic levels during Q4 according to Kastle Systems data. Building permits issued approached pre-pandemic investment values indicating economic recovery with stakeholders focusing on larger projects.
Pedestrian activity data was provided by Springboard MRI; public transportation statistics were sourced from the Chicago Department of Transportation and Chicago Transit Authority; arts and culture information came from Choose Chicago Cultural Index and Art Institute of Chicago; office occupancy figures were supplied by Kastle Systems; retail insights were obtained from Mastercard Spending Pulse; building permit details were provided by Chicago Cityscapes.
The mission of the Chicago Loop Alliance (CLA) is to lead community initiatives that attract people and investment to the Loop through inclusive programs. CLA serves as both a membership organization and service provider for Special Service Area#1-2015 while producing public art projects via the Chicago Loop Alliance Foundation. More information can be found at LoopChicago.com.