October 2021 Market Update
Strong demand for apartments has driven rent back up to pre-pandemic levels in Chicagoland. In the second quarter, tenants rented 10,000 additional units, the most in ten 10 years. The rental activity was concentrated in the suburbs, as households continued to seek larger, lower-cost apartments. The average rent in Chicagoland is $1,550/month, and the average [...]
September 2021 Market Update
There is no end in sight for the post-COVID industrial real estate boom. Chicagoland industrial vacancy fell to 6.2% in Q2, as tenants leased more than 15 million SF - the most ever in a single quarter. Net absorption and new construction have also surpassed all previous market records. Nationally, the average asking price for [...]
August 2021 Market Update
Chicago's industrial market is hot, primarily due to the exponential growth of e-commerce. Over 28 million SF of space has been filled over the past year alone, a historical high. Market rents increased nearly 6% year over year. Average industrial values in Chicago rose to $80/SF, an annual increase of more than 6%. The apartment [...]
July 2021 Market Update
Office leasing is still at 70% of pre-pandemic levels; demand should recover in early 2022. The total number of leases signed is now close to pre-pandemic levels, but fewer tenants are leasing large blocks of space. Chicago saw a reduction in office sublease space in the second quarter. Office investment activity is about half of […]
June 2021 Market Update
Demand for office space in Chicago has increased by 150% since the beginning of the year, but demand is still 20% below its 2018-2019 average. One in four are back to working at the office in Chicagoland; one in three are now working from the office nationally. Office space available for sublease has roughly doubled […]
May 2021 Market Update
Most CEOs report that their employees will return to the office by fall 2021. But the increased pace of vaccinations has not yet led to a meaningful return to regular office usage, with only 22.5% working at the office. That said, leading indicators in the last quarter suggest we will see a significant return to […]
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