Chicago’s Mega-Loop (which is defined as 10 square miles roughly from Cermak Road to North Avenue and from the lakefront to Ashland Avenue) is booming according to a recent article in Crain’s Chicago:
The Chicago Loop long has been one of the world’s greatest job centers, of course. For much of its history, though, downtown emptied out after office hours. And as the city aged and its population declined, the suburbs rose to become the preferred home to generations of young families and the tollways became employment corridors of their own.
In recent years, those trends have reversed. After decades of watching the suburbs boom (often at the city’s expense), Chicago now is outperforming the surrounding area by almost any measure—jobs, income, retail sales and residential property values, to name a few—despite the loss of 200,000 people in the 2010 census.
The city is so hot that this expanded downtown is adding residents faster than any other urban core in America, according to U.S. Census Bureau data.
“In the year 2020, no matter how many condos are built or sold, Chicago is likely to be a nest of center-city affluence unequaled in size—or even approached—by anyplace in America,” journalist Alan Ehrenhalt writes in “The Great Inversion and the Future of the American City.”