Chicago CRE Professionals Remain Optimistic, But Worries About Government Persist
In its 2021 Mid-Year Chicago Sentiment Report, The Real Estate Center at DePaul University says that nearly 60% of commercial real estate professionals are at least optimistic, if not bullish, about Chicago real estate for the next 18 months. However, concerns related to government—its basic effectiveness along with property tax uncertainty—also emerged as key themes.
“Capital is still flowing as investors remain optimistic,” said Charles Wurtzebach, Douglas and Cynthia Crocker Endowed Director of The Real Estate Center. “People know that traditional economic forces like oversupply and lack of demand did not cause the ‘pandemic downturn’. We were dragged into it kicking and screaming and we want it to be over.”
The perception of government ineffectiveness at local, county and state levels is of significant concern in Chicago’s CRE community. The ineffectiveness includes, but is not limited to, crime, school, pension liability and various other factors.
- ◦Economy