{"id":1004114285,"date":"2015-03-16T06:48:11","date_gmt":"2015-03-16T14:48:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004114285"},"modified":"2022-12-07T15:23:07","modified_gmt":"2022-12-07T23:23:07","slug":"market-snapshot-windy-city-top-dog-in-2015","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/market-snapshot-windy-city-top-dog-in-2015\/","title":{"rendered":"Market Snapshot: Windy City Top Dog in 2015"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/i><\/p>\n

\"Chicago<\/a>

Chicago Multifamily Market – Supply and Demand Outlook for 2015<\/p><\/div>\n

Fueled by the steady employment growth, income growth, urbanization and a booming tech industry, the Chicago multi-family market is expanding at a fast pace. More than 3,100 housing units are scheduled for delivery in core Chicago submarkets in 2015, according to Colliers International, with an additional 6,400 units scheduled for completion in 2016. Multiple condominium developments are currently in the works, including CIM Group\u2019s Block 37 at 108 N LaSalle<\/a>, which is the largest multifamily project in the Loop in decades. Hines and Magellan are also working on Wolf Point West<\/a>, a luxury condominium tower to feature 509 rental units.<\/p>\n

Multi-family completions in Chicago have reached the highest level on record since 2000, according to Marcus & Millichap. This year the vacancy rate is expected to drop 10 basis points to 4.2 percent, after a 70-basis-point drop registered in 2014. Job growth is also driving multifamily demand, as the tech sector continues to expand and companies such as Google <\/a>are establishing a presence in Chicago.<\/p>\n

2014 experienced a strong year in terms of multifamily transactions, totaling $2.48 billion, according to data collected by Colliers. Notable examples include Related Midwest\u2019s sale of OneEleven<\/a> at 111 W Wacker Dr. to Heitman, at a record price of $328 million; the sale of The Seneca at 200 E Chestnut St. for $74,875,000; and the sale of K2 at 365 N Halsted St. for $215 million.<\/p>\n

Multifamily development is expected to continue on a positive path in 2015, especially in the Streeterville, River North and the Loop submarkets.\u00a0Many investors are drawn to the suburbs, where large scale developments such as Tapestry Naperville and The Springs at 127th<\/sup>\u00a0have already been completed, Colliers reports. Nearly 2,300 units are expected to be delivered in suburban Chicago in 2015, with an additional 6,131 units planned, according to Pierce-Eislen forecasts.<\/p>\n

Chart courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Chicago multi-family market is all the way at the top. <\/p>\n","protected":false},"author":757,"featured_media":1004114286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[39393],"class_list":["post-1004114285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-chicago"],"acf":[],"yoast_head":"\nMarket Snapshot: Windy City Top Dog in 2015 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-windy-city-top-dog-in-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Snapshot: Windy City Top Dog in 2015\" \/>\n<meta property=\"og:description\" content=\"The Chicago multi-family market is all the way at the top.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-windy-city-top-dog-in-2015\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-16T14:48:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T23:23:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/MM-multifamily-2015.png\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"362\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-windy-city-top-dog-in-2015\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-windy-city-top-dog-in-2015\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/159949bd3f979917cc7bf081d749b862\"},\"headline\":\"Market Snapshot: Windy City Top Dog in 2015\",\"datePublished\":\"2015-03-16T14:48:11+00:00\",\"dateModified\":\"2022-12-07T23:23:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-windy-city-top-dog-in-2015\\\/\"},\"wordCount\":314,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-windy-city-top-dog-in-2015\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/MM-multifamily-2015.png\",\"keywords\":[\"Chicago\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-windy-city-top-dog-in-2015\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-windy-city-top-dog-in-2015\\\/\",\"name\":\"Market Snapshot: Windy City Top Dog in 2015 - 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