1.7.12

OPPORTUNITY COSTS.

Chicago Union Station must not yet be prime Loop real estate.
Amtrak has moved its Chicago office employees back into the building, partially occupying the second and third floors, which saves more than $2 million in annual rent.
Amtrak might not be writing checks to some other landowner any more, but it is foregoing the opportunity to rent out space in the office tower at Union Station to somebody else.  There are a lot of somebodies still to identify themselves.
Amtrak is working with Jones Lang LaSalle, the building’s property manager, to market the rest of the available office space and 60,000 square feet of upgraded retail space surrounding the Great Hall.
To think that the Concourse Building went for a trading floor that has subsequently been converted to a gym.  The idea in the late 1960s was that the railroads could profitably disinvest in passenger facilities and scale back the station facilities to something more suitable to commuters passing between work and train with all deliberate speed.  Live and learn.

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