Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Lease


