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RCA: Investors Shy Away from Chicago Opportunities
Single-property commercial sales in the Chicago region fell to $7.7 billion in the first nine months of 2019, down 33% from the year-ago period, Crain’s Chicago Business reported, citing Real Capital Analytics (RCA) data. It was the biggest percentage drop among the top 25 U.S. markets, Crain’s reported.
At the county level, Cook County and Lake County in Illinois saw the biggest year-over-year drops in single-asset sales, with respective declines of 42% and 44%, RCA reported. The national average for Y-O-Y sales declines was 6%.
“There are great reasons to be in the Chicago market, but investors are clearly finding the market less attractive,” RCA’s Jim Costello writes in a blog posting on the analytics firm’s website. “Is it unfunded pension liabilities in Illinois, uncompetitive labor markets, or high taxation driving the change in perceptions? Is it some combination of these and other factors pulling down the whole region?”
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