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DePaul/ULI Chicago Sentiment Report: Bearish on 2022, Optimistic on 2023

The sentiment among Chicago real estate professionals trends toward concern for the balance of 2022 but more optimistic for 2023 as headwinds gain momentum locally and nationally. At the same time, local issues are raising concerns. 

According to the Chicago 2022 Mid-Year Sentiment Report from The Real Estate Center at DePaul University and Urban Land Institute Chicago District Council, nearly 65% of CRE professionals said they’re either bearish or trending toward concerned when assessing the state of the market in 2022’s second half. However, 50.9% are bullish or optimistic about market conditions next year. 

With an abundance of economic and geopolitical issues shaping market perceptions, the harsh realities influencing the sentiment in Chicago at midyear 2022 include continued Chicago/Cook County property tax uncertainty and the increasing realization that crime respects no city or suburban boundaries. One CRE executive observed, “You can underwrite property taxes, but you can’t underwrite crime.” 

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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 13-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 15-20 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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