Indiana Gov. Mike Braun discusses the potential relocation of the Chicago Bears to Indiana, highlighting Indiana’s business-friendly environment and comparing it to Illinois’ high taxes and regulations in ‘The Bottom Line.’
Office towers that once sold for hundreds of millions of dollars are now changing hands at discounts of 70%, 80%, and even 90% across major US cities, as high interest rates and remote work reshape demand for downtown space.
Few places show more displacement than Chicago. There, markdowns begin at every stage of development, according to figures released for the first time by Nightingale Associates.
A century-old office building in the historic Printing House Row district, 401 S. State St., recently sold for $4.2 million, down from $68.1 million in 2016, a 94% decrease.
The iconic Loop tower at 311 S. Wacker Drive traded at an 85% discount, selling for $45 million compared to $302 million in 2014.
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People look to the sky from the frozen North Avenue beach on Jan. 24, 2026, in Chicago. (Photos by Jacek Boczarski/Anadolu/Getty)
Even new, state-of-the-art buildings were not immune. Boeing’s long-term lease interest in 100 N. Riverside Plaza, not the tower itself, sold for $22 million, down from $165 million in 2005, an 87% decrease.
And at 300 W. Adams St., the leasehold interest in the building changed hands for just $4 million, compared to $51 million in 2012 — a 92% discount.
Taken together, the deals show just how much the city’s office real estate economy has changed in just a few years, with higher interest rates and the need for a long-term restructuring.
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Commercial property to be leased in downtown Chicago by May 27, 2025. (Christopher Dilts/Bloomberg/Getty Images)
The fallout extends to homeowners and investors. In many big cities, office towers are the cornerstone of the tax base, helping to fund schools, public safety and transportation — meaning falling property values can fluctuate with local budgets.
And Chicago is not alone.
Across the country, downtown office buildings are trading at steep discounts. Last year, an 18-story Dallas office tower sold for $26.1 million, a 64% discount from its $73 million sale price in 2016.
In St. million, about half of its $235 million price tag back in 2020.
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Soldier Field before the divisional playoff football game between the Los Angeles Rams and Bears on Jan. 18, 2026, in Chicago. (Kara Durrette/Getty Images)
Amid widespread uncertainty about the future of central cities, city leaders are working to preserve major economic anchors, including the Chicago Bears.
The team is exploring a move to Indiana, where a new stadium could be built near Wolf Lake in Hammond, just across the state border.
As property values plummet, city leaders face a difficult choice: cut services, raise taxes elsewhere, or absorb a widening budget gap.
