Chicago Real Estate: Where Did All the Office Workers Go?
Commercial Real Estate: A Mixed Bag (of Holding Our Breath): There's a cautious optimism in Chicago's commercial real estate scene. Think of it like that one friend who's always saying "things are looking up," even when they're ankle-deep in quicksand. Data centers, however, are thriving – apparently, keeping cat videos online is a booming business.
Office Leasing: Where Did Everybody Go?: The Chicago CBD is experiencing a serious case of empty office syndrome. It's like a ghost town, but with better coffee shops (that are also probably empty). Vacancy rates are soaring – over 21% overall, and even the fancy Class A buildings are feeling the draft at 18.9%. Maybe they should try turning the lights off to save on the electric bill?
Luxury Market: High Prices, but Some Ouchies: Chicago's ultra-luxury market is still fetching top dollar, but some sellers are finding out that even diamond-encrusted doorknobs don't guarantee a profit. It's a reminder that even the 1% can experience a little bit of "ouch, my wallet."
Industrial Space: If You Build It, They Will Lease It (Especially If It's Huge): W. P. Carey snagged the year's biggest industrial lease in Chicago – a whopping 1.6 million square feet. That's enough space to store a lifetime supply of fidget spinners… or maybe something more practical.
Residential Developments: Building Up, Not Necessarily Selling Out (Yet): New apartments and multi-family units are popping up all over the city. It's like a real-life game of SimCity, but with less control over the disaster settings (we hope).
Notable Sales: Big Deals, Big Numbers (and Probably Big Headaches for the Accountants): There have been some major sales of apartment complexes and high-rises. We're talking numbers that would make your eyes water and your bank account weep with envy.
Sources:
GlobeSt
WTTW News
The Real Deal
Bisnow
Crain's Chicago Business
Overall, the Chicagoland real estate market is a bit of a rollercoaster. Some sectors are cruising, while others are clinging on for dear life. It's a wild ride, folks!
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