Bargain leases in Chicago’s Loop draw a new group of tenants

It’s no secret that companies have been downsizing their spaces in the wake of the pandemic and, in many cases, leaving the Loop for trendier digs in Fulton Market.

But a budding trend is unfolding in the wake of those moves. The Loop spaces companies are leaving behind are available for lease at bargain rates, making it possible for smaller firms and nonprofits to move into nicer spaces than they would otherwise be able to afford.

“There is such a high vacancy rate in the Loop that now is a good time for any organization to take advantage of the great deals out there,” said Valerie Hawthorne-Berry, senior director of facilities for Heartland Alliance, a Chicago-based human rights organization. Heartland Alliance is moving this November from an old office property at 208 S. LaSalle St. into a bright modern location in the East Loop with advanced conference facilities, a new fitness club and a giant food court.

“That deal could not have gotten done a couple of years ago when…