Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13

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Chicago & Midwest  + Downtown  + Apartments  | 
Chicago Multifamily Market Headed for Further Growth according to a new northmarq report

Downtown Apartment Occupancies Reach New Low

The downtown occupancy rate for Chicago apartments fell to 87.1% in the third quarter, down from 93.8% a year earlier, according to the Chicago office of Integra Realty Resources. Crain’s Chicago Business reported that the rate has never been that low in the 22 years since IRR executives began tracking the downtown market.

“Some [landlords] are saying they can’t remember it ever being this bad,” Ron DeVries, IRR senior managing director, told Crain’s. Factors including the COVID-19 pandemic and civil unrest have reduced the appeal of downtown living, Crain’s reported.

In the suburbs, it’s a different story. Suburban apartment occupancies rose to 95.3% in Q3, up from 95.1% in Q2 and 95.0% percent a year ago, according to Integra. The median net suburban rent was $1.53 per square foot in Q3, versus $1.54 in Q2 and $1.48 a year earlier.

“It’s like no market event has happened there,” DeVries said.

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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 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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