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 [...]

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 [...]

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 [...]