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Chicago Real Estate Industry Turns a Wary Eye to Incoming Mayor
The mayoral candidate backed by some of Chicago real estate’s heaviest hitters didn’t win last week’s runoff election. Now the industry is bracing for what comes next under the administration of the more progressive-minded Mayor Brandon Johnson, reported Crain’s Chicago Business.
Johnson is taking office at a tough time for almost anyone who owns commercial property in Chicago, Crain’s reported. There are problems that affect many large cities, like remote work hollowing out office buildings and prompting a wave of financial distress.
And there are more local concerns, such as the ongoing friction with Cook County Assessor Fritz Kaegi and the question of how to balance investment in a flagging Loop with historically disinvested South and West Side neighborhoods.
If Johnson can demonstrate progress supporting the city’s assets like public transportation and addressing issues like crime, “you have an entire [real estate] industry that will go and sell that, sell whatever the public safety plan is,” Farzin Parang, executive director of the Building Owners & Managers Association of Chicago, told Crain’s.
- ◦Development
- ◦Policy/Gov't
