Illinois Real Estate Journal February 2017 : Page 1

VOL.17 NO.25 ©2017 LAW BULLETIN PUBLISHING CO. FEBRUARY 2017 The forecast for multifamily? In Chicago, it’s a bright one By Declan Harty, Staff Writer DIRECTORIES (pg.15): Architectural Firms, Brokerage Firms, Junk Removal, Law Firms Investors still sweet on commercial real estate By Dan Rafter, Editor That’s the takeaway from a national investment survey published this January by Real Capital Markets. The company completed the survey in November of last year, finding that 70 percent of commercial real estate investors from around the United States were in a buying mode at the end of the year. “RCM’s Investor Sentiment Survey showed that investors are still aggressively looking for acquisi-tions and intently focused on keeping the course 1411 S. Michigan INVESTORS (continued on page 14) I nvestors still love commercial real estate. And they love multifamily properties most of all. C hicago’s multifamily market is transforming the city’s iconic skyline, as interest in apartments across the country surges. “With the deliveries coming up this year and next year, there’s just a bit of a market imbalance right now,” said Ron DeVries, vice president at Appraisal Research Counselors. The Chicago market has seen a 150 percent spike in rental units since mid-2005 at the end of the third quarter 2016, ac-cording to data from Appraisal Research Counselors. Fourth quarter data weren’t made available until after press time. Yet, with the inflating number of units, rent prices also rise. While the climb continues to present renters with new options, apartment prices in the Second City have start-ed tapering off. Across the country, rent growth continues to decline and with a growing pipeline of projects, industry experts are starting to wonder whether Chicago’s supply might not match the demand. MULTIFAMILY (continued on page 7) PRSRT STD U.S. Postage TWIN CITIES, MN PERMIT NO. 31515 PAID

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