Visitors to arts and culture venues in the Loop are bringing more dollars to Downtown, but weekday foot traffic is still below 2019 levels, according to Chicago Loop Alliance’s second-quarter report released on Tuesday.
Arts and cultural events drew nearly 1.5 million visitors from April through June. They contributed more than $395 million to the local economy, representing a 20% rise compared to the second quarter last year.
Events such as Sueños Music Festival, Chicago Blues Festival, Daley Plaza Farmers Market and Millennium Park’s concerts and films were popular attractions.
But like many U.S. downtowns, State Street in the Loop has struggled following the COVID-19 pandemic. Since 2020, more than 15 retailers have vacated the Downtown corridor, including Anthropologie, Express, H&M and Urban Outfitters.
Efforts are underway to lure people Downtown and revive Chicago’s economic engine. In February, the Loop Alliance unveiled plans for a new arts district. Nearly 90 Loop arts organizations will develop the neighborhood as an arts and culture destination.
In the second quarter, high office and commercial vacancies in the Loop began to level off, Loop Alliance said. Nineteen new restaurants and cafes opened in the Loop from April to June. Twenty others recently opened or are expected to open this year. Overall, investment in new construction and renewed uses of existing Loop property totaled $673 million in the second quarter.
In February, the Loop Alliance announced it received an $800,000 two-year grant from the Department of Planning and Development to help fill vacant storefronts through community investment like preparing the empty spaces and supporting small businesses.
Office occupancy was 1% higher in April and May compared to those months in 2024 “showing that hybrid work trends are here to stay in the Loop,” Chicago Loop Alliance said in a news release. New office leases included ones from Huntington Bank and law firm Vedder Price.
Weekend pedestrians on State Street were 5% above 2019 levels. But weekday foot traffic was only about 82% of 2019 levels.
The CTA saw an average of nearly 1 million riders across all lines each weekday in the first quarter, representing an 11% increase compared to the same period last year. Crimes at all CTA locations are down by about 25% compared to this time last year, according to the CTA.
“While the Loop’s foundation as a central business district continues to thrive, we are heartened by the neighborhood’s progress transitioning to a fully activated, multi-use district — filled with vibrant arts and culture, bustling retail activity and engaged residents,” Suzet McKinney, CEO of Chicago Loop Alliance, said in a news release.
Three residential buildings are under construction as a part of the LaSalle Corridor Revitalization Initiative to convert office buildings to residences. Along with those city-funded projects, there are 19 other privately funded downtown conversions planned. Those projects will bring nearly 4,000 new residential units and over $1.67 billion in investment to the Loop, according to the Department of Planning and Development.