Chicago Leads Top Third of the U.S. in Real Estate Development
From multifamily construction to commercial property, Chicago real estate development led the pack over the past decade, according to a new report from StorageCafe. While some sectors saw tremendous growth, others plateaued amid factors stemming from the pandemic and strained financial markets.
Chicago ranked No. 16 for most activity across multifamily, self-storage, office, retail and industrial construction real estate sectors. In the past ten years, Chicago added notable real estate additions, including:
Approximately 59,000 multifamily units were added, which is the seventh highest among the 100 biggest urban hubs.
Chicago’s office sector grew by more than 21 million square feet, earning the No. 5 rank in the country for this category.
Chicago added 3.6 million square feet of new retail construction and ranks No. 7 for self-storage, with 4.1 million square feet of space added.
The city’s industrial sector recorded more than 10 million in new space delivered.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.