Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
New Construction Expected to Ebb by 10% Across Chicago
Following a local building boom that put a record number of cranes in the air, new construction projects in Chicago are forecast to fall 10% in 2020, Crain’s Chicago Business reported, citing data from Dodge Data & Analytics.
If that prediction pans out, it would mark the third annual decrease in four years, and the biggest single-year drop in construction starts since the Great Recession, reported Crain’s.
Leveling off to $11.3 billion in new Chicago-area projects would still put the city slightly ahead of where it was in 2014, Crain’s reported. Moreover, tower cranes will still dot the skyline for the foreseeable future as new skyscrapers recently got underway along Lake Shore Drive.
“Chicago is still a relatively healthy market,” Dodge chief economist Richard Branch told Crain’s. “It just really boils down to that uncertainty causing a bit of a pullback over the levels we’ve seen over the past couple years.”
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
