A boom in new construction after 1926 created stiff competition for older buildings like the Monadnock. Occupancy declined from 87 percent in 1929 to 55 percent in 1937 and the building began to lose money. In 1938, building manager Graham Aldis (Owen's nephew) announced what the "Chicago Daily Tribune" called "the city's largest and most novel modernization job" in a move toward halting the destruction of Chicago's aging skyscrapers. Rejecting the term "modernization", Aldis called his plan "progressive styling", which he believed would revolutionize the way building maintenance was done to preserve millions of dollars worth of buildings that would otherwise be destroyed. "There is no reason why", he said, "any well-designed office building need be torn down because of obsolescence." Skidmore & Owings, who had pioneered functional design, were retained to lead a $125,000 program ($ in dollars) to restyle the main entrance, remodel the lobby and ground floor shops, modernize all the public spaces, and progressively modernize office suites as demand required. The modernization included covering the mosaic floors with rubber tile and terrazzo, enclosing the elevators and ornamental stairways, and replacing the marble and oak finishes in the corridors and offices with modern materials. By the end of 1938, 35 new tenants had signed leases and 11 existing tenants had leased additional space in the building.