REBusinessOnline

New Chicago Office Markets Shape Perception of the City

It’s an exciting time to be part of the action in Chicago’s real estate market. While Illinois remains an “outflow” state, construction cranes dot the Chicago skyline and the city’s inflow numbers remain positive. Large employers are considering Chicago for campus-like headquarters operations and exciting markets are continuing to grow.[caption id="attachment_204662" align="alignright" width="100"] Kimberlyn de Buhr, Transwestern[/caption]In particular, west side blight continues …

Deconversions, Adaptive Reuse Drive Chicago Multifamily Investment

Resilience in the Chicago apartment market amid a historic construction boom is creating opportunities for multifamily investors, particularly those who are willing to go the extra mile — sometimes literally — to capitalize on rent growth outside the downtown core.[caption id="attachment_204657" align="alignright" width="100"] David Goss, Interra Realty[/caption]Across the city in outlying neighborhoods like Uptown, Rogers Park and Pilsen, value is being discovered in vintage buildings …

For Some Office Tenants in Chicago, Being Out of the Loop Is In

Office developers in Chicago are thinking outside the box — and outside the central business district — in order to cater to tenants in search of creative office space. While there will always be companies that want the cachet that a business address in the Loop offers, others realize the strategic advantages of urban, non-CBD locations as a recruiting tool.Live/work/play neighborhoods like River North and the West Loop are growing because high-profile employers want to attract a …

Chicago Hotel Supply Growth Is in Line With Other Markets

Back in mid-2017, in a piece that was published right here in Heartland Real Estate Business, I talked about what might be in store for the remainder of the year. Specifically, I wrote that while “concerns about oversupply will likely persist in many [Midwestern] markets,” the outlook was not as grim as some industry analysts had been forecasting — a “second wind in the hotel sector” was “helping to calm the waters.” The general sense was that we would continue to see moderate …

How to Find the Formula for Success in Chicago’s Retail Market

Successful retail development, especially in today’s evolving retail environment, needs constant re-evaluation by developers as well as municipalities. In some cases, the old rules are being rewritten to allow for more creative uses of otherwise stagnant — and sometimes historic — properties.The city of Chicago’s Industrial Corridor Modernization Initiative, designed to relax zoning in areas once reserved for manufacturing, is an excellent example of a notable shift that will allow …

The Middle Ground: The Next Great Opportunity for Chicago Multifamily

Like other metros, Chicago is in the midst of an apartment boom where the hum of multifamily construction has become commonplace. In fact, approximately 8,000 new rental units are slated to deliver by the end of next year, according to Appraisal Research Counselors. Nearly 4,000 units are expected to deliver in 2019.The majority of this multifamily construction is concentrated on Class A rental high-rises. SixForty (640 N. Wells St.) by JDL Development and 8 E. Huron by CA Ventures — both …

Lifting the Veil on Chicago and Cook County Real Estate Taxes

It seems like politics watchers and the news media like to establish a veil of mystery around Cook County tax assessments. And although it sells papers and conjures an atmosphere of the unknown, the most important thing to know about tax relief in Cook County is the role of market value in assessments and how taxes are calculated.On June 13, taxing entities announced that tax rates in the City of Chicago would be going up approximately 10 percent. The second installment 2016 tax bills were …

Priming Chicago’s Industrial Corridors For 21st Century Development

As Chicago has emerged as one of the country’s top tech capitals, large parcels of land across the city -— many set aside for manufacturers that no longer do business there — have remained stuck in the past, serving as roadblocks to billions of dollars in new real estate development. That’s about to change thanks to a yearlong effort spearheaded by Mayor Rahm Emanuel and the city’s Department of Planning and Development, which recently approved recommendations for modernizing the …

2017 Poised to Be Another Great Year for Chicagoland Industrial

The Chicagoland industrial market has started 2017 with a full head of steam and doesn’t appear ready to cool down anytime soon. With historically low vacancy rates, high net absorption and strong tenant demand, the outlook is positive for new construction in the pipeline, even with the recent uptick in interest rates.Net absorption of industrial space topped 19.3 million square feet in 2016, outpacing the 18.2 million square feet of new product delivered, according to CoStar Group. The …

Hotel Sector is on ‘Glidepath to Oversupply,’ But Chicago Could See a Soft Landing

I am heartened to see that my projections for 2016 in the Midwest hotel marketplace — particularly Chicago, my home market — held up fairly well.In a column that I authored for Heartland Real Estate Business this time last year, I pointed out “the question of whether supply will outpace demand is changing from if to when in many of these markets.”[caption id="attachment_175002" align="alignright" width="100"] Robert Habeeb, First Hospitality Group[/caption]That trend line …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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