Oct
25

Real Estate in Chicago is a ‘Best Bet’

October 25, 2012

real estate in chicago is a good bet for 2013The recent “Emerging Trends in Real Estate” report issued by the Urban Land Institute, considers Chicago to be a top bet for real estate in 2013.

The report studies U.S. property sectors and markets that are expected to noticeably improve and gain momentum within the next year. Data is based on 300 face-to-face interviews and 600 surveys that examine office, industrial and residential real estate in 51 major U.S. metros.

Lately developers have become very interested in markets that are considered to be “Echo Boomer” markets, because they are dominated by residents who are in the 25 to 34 year age range. Chicago, for example, has seen a major upswing in condo development due to the fact that it’s a popular city for that age range.

On the 2013 list, Chicago ranked 31st for home building, 24th for development and 20th for investment. There are still some struggles ahead in Chicago’s future, such as potential job loss, but recent growth in condo and apartment construction shows that there is still a decent amount of investor interest in the area especially in the popular downtown market.

San Francisco earned the top spot on the list. The reason? Job growth is on the rise, and in order to make the top of the list, cities need to have a strong market for jobs.

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Jessica Thom

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