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Chicago & Midwest  |  July 29, 2020
Paul Bubny
By: Paul Bubny

Pandemic, Property Taxes Weigh on Chicago CRE, Says DePaul/ULI Study

More than 60% of real estate professionals with ties to The Real Estate Center at DePaul University and the Urban Land Institute Chicago District Council (ULI Chicago) are concerned or trending toward concerned about Chicago’s real estate markets. That concern, driven by the direct and indirect impacts of COVID-19, leads them to predict an elongated, Nike Swoosh-shaped recovery.

According to the Third Annual Mid-Year Perspective on Chicago Real Estate Markets produced by The Real Estate Center and ULI Chicago, the greatest concerns among real estate professionals are the pandemic’s unknown duration/ severity of return followed very closely by the economic pressures on local and state government.

However, the pandemic isn’t the only factor weighing on real estate professionals’ minds. They see a significant threat coming from the continued uncertainty of Cook County property taxes, with many also highlighting city, state and county financial issues.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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