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Chicago & Midwest  + Downtown  + Apartments  | 

Leasing Volume Holds Up for Class A Apartments

The leasing story in downtown Chicago’s Class A multifamily has been surprisingly positive during the COVID-19 crisis, according to Luxury Living Chicago Realty (LLCR). Leasing velocity for an 11-week period from mid-March to the end of May this year is 88% of volume in the year-ago period, although pricing has been flat for renewals and declined slightly for new leases.

“Once talks of a citywide stay at home order began, we knew we had to prepare our business to continue leasing virtually,” said LLCR CEO Aaron Galvin. “We could not be happier with the results based on current market conditions.”

New unit market rate pricing in the LLCR portfolio dropped 4.6% from the year-ago period to $3.25 per square foot. However, LLCR’s Mark Ziemke said, “The overall reduction in rents is not only about lowered rents and increased concessions, but also about the types of units that are being rented.”

For comments, questions or concerns, please contact Paul Bubny

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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 16-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 7-10 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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