(Above) Crowd at the Lollapalooza music festival in Chicago’s Grant Park. Photo by Shea Flynn.

By Steven Dahlman

Their “State of the Loop” report for Q3 showed improvements in economic investment – with more than 30 new restaurants and retail stores open or opening soon, including the Gap Factory Store on State Street – and residential development, such as conversion of office space to residential units planned for 105 West Adams, 135 South LaSalle, and the Pittsfield Building at 55 East Washington.

Art and cultural events continued to pack a punch, collectively generating more than $514 million in direct economic impact, according to CLA, the membership organization tasked with attracting people and investment to the Loop. Lollapalooza attracted 400,000 people to Grant Park in late July and early August. Grant Park Music Festival welcomed 142,391 attendees from June to August.

“Late summer and early fall continued the year’s trend of energy and investment in the Loop. This report showcases how economic activity, cultural programming, and infrastructure shifts are shaping the Loop’s next chapter,” said Michael Edwards (left), President & CEO of Chicago Loop Alliance.

Theater performances attracted over 375,000 patrons, 11 percent higher than Q3 last year. Office occupancy averaged 57 percent, the highest number outside of Texas. And pedestrian activity on State Street in Q3 averaged 89 percent of 2019 levels, with weekend levels topping out at 116 percent.

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