Positive Outlook for Commercial Chicago Real Estate in 2013

October 26, 2012

chicago commerical real estate growthWe’ve been reporting on the outlook for condos and single family homes, but what about commercial real estate in Chicago? The growth of commercial real estate is important to note because it means investors are showing an interest in Chicago suburbs or certain city neighborhoods.

So, the good news is that commercial real estate is predicted to experience gains in 2013 at both the local and national levels. According to the Urban Land Institute’s Emerging Trends in Real Estate Forecast, recent job creation will decrease office, industrial and retail vacancies. The Urban Land Institute also ranked the top cities for development in 2013, and Chicago came in at number 20. More details about Chicago’s number 20 ranking can be found in yesterday’s article.

Property prices in Chicago are rising to pre-recession levels and investors are focusing on important characteristics such as a city’s rate of job growth, economic production and the areas where people most want to live.

The forecast suggested that investors become innovative when thinking about how to rebuild and restructure abandoned malls and office parks. More and more investors are also showing an interest in the single-family housing market, and are losing interest in the apartment market since apartments are easy to overbuild.

It will be interesting to see what type of major real commercial real estate investments take place in the Chicago area in 2013.

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