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Chicago & Midwest  + Downtown  + Apartments  | 
Chicago Multifamily Market Headed for Further Growth according to a new northmarq report

Downtown Chicago Apartment Market Enjoys “Stunning” Rebound

After a year in which the downtown Chicago apartment market cratered, it’s a good time to be downtown landlord again. Buildings have filled up and rents in the CBD hit all-time highs in the second quarter, Crain’s Chicago Business reported, citing the latest figures from Integra Realty Resources. 

“It was stunning,” IRR’s Ron DeVries said regarding the sector’s pedal-to-the-metal rebound this year.  

The market’s fall and rise coincides with the path of the COVID-19 pandemic, with IRR’s Q2 figures suggesting an optimism that downtown Chicago will return to normal as more downtown professionals return to the office.  

The big unknown currently is whether the recent surge in delta variant cases will affect demand for downtown apartments going into the fall. 

DeVries forecasts that downtown absorption for the year will total 6,500 units, the highest annual figure going back to at least 1999. 

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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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