Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Downtown Chicago Apartment Market Survives Boom
The Downtown Chicago apartment market is picking up, despite the record amount of new supply completions, Integra Realty Resources (IRR) officials said at its annual multifamily forecast luncheon.
About 4,500 new units came to market in 2017, IRR senior managing director Ron Devries said. Absorption was 3,385 units, 31% more than in 2016, though landlords offered concessions of up to two months’ free rent during late 2017.
Downtown Class A rent levels fell about 1% in 2017, but that could change this year. Job growth of 3.4% combined with a slowdown in construction to about 3,000 units in 2018. Concessions should shrink and rents rise as demand catches up to supply.
But the Downtown Chicago apartment market pipeline could fill up again in 2019, when IRR officials forecast 4,200 units to be completed.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Dave Sorter
