May 2023 Market Update
Rising interest rates, low rent growth, and banking turmoil have dramatically slowed CRE investment volume. Commercial real estate investment decreased by 57% YOY in Q1. As a result, commercial prices have declined by 15% Year-over-Year as of May. Large players with cash on hand, however, have enjoyed the luxury of continuing to invest via all-cash [...]
206, 210-212 E Irving Park Rd, Wood Dale – 4-Building Retail Portfolio
We are pleased to announce the sale of a great value-add investment opportunity: a portfolio of four adjacent retail buildings at 206, 210-212 E Irving Park Rd and adjacent apartment/restaurant building in Wood Dale, IL. The firm represented a seller in this sale-leaseback offering. The portfolio generates a high net operating income from nine apartments, [...]
November 2022 Market Update
Warehouse demand is cooling down from red hot to medium hot. Industrial vacancy ticked up in the third quarter from 3% to 3.2%, as developers completed a record 148 million square feet. Warehouse tenants occupied 108 million square feet in the quarter, down 18% from the prior three months, in the first national quarterly decline [...]
1807-1817 Broadway St, Pekin, IL – Shopping Plaza
We are pleased to announce the sale of Broadway Plaza shopping center located at 1807-1817 Broadway St, Pekin, IL. The firm represented the Seller and the Buyer in the sale of this 83.3% occupied value-add investment opportunity. We received multiple offers from local and out of state investors within the first months of marketing and [...]
May 2022 Market Update
The industrial sector is booming. 40 million SF more space has been leased than vacated over the past year in the Chicago industrial market, nearly double the previous record for absorption. Chicago-area vacancy is just 4.4% overall. From Q1 2020, industrial prices are up 30% and industrial rents are up 20%. Retail monthly leasing activity [...]
March 2022 Market Update
The multifamily market appears poised for another solid year in 2022, although it’s unlikely to match 2021’s exceptional performance. Some $166 billion of multifamily transactions were completed in 2021, up 75% from 2020. After asking rents rose 13.5% nationally in 2021, rent growth will probably be closer to 5% in 2022. With occupancy rates near [...]
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 [...]
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