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ULI: Chicago’s an “Underrated” Capital Magnet
In common with Houston, another major city that sits pretty far down in the Urban Land Institute’s ranking of U.S. cities with the best real estate prospects, Chicago is considered “underrated” by investors, ULI says. Elsewhere in ULI’s latest Emerging Trends report, Chicago is mentioned as one of the “markets that are major capital magnets.”
Given Chicago’s “massive” inventory of industrial property, ULI says it’s no surprise that the metro area has seen $7.8 billion of industrial sales since early 2018. “But nearly as much cash flowed into the apartment sector, at $6.7 billion,” according to ULI.
This reflects investors’ appreciation of Chicago’s changing demographics, which saw the educated 25–44 age cohort surge 42% since 2005, ULI says. However, the report also notes some “widely publicized challenges” facing Chicago, including public safety and its pension shortfall, and calls it “a city with both great strengths and great weaknesses.”
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