Although we don’t normally talk about commercial real estate in Chicago much, it’s worth noting that new commercial development can only mean good things for the residential side of the market here in the Windy City.
According to a recent report from Dodge Data & Analytics, Chicago was ranked as one of the top metro markets for new commercial and multi-family construction in 2015, with right around $5.9 billion in housing starts. New construction in Chicago was up right around 14% last year, with commercial projects also up 13% citywide.
Notable residential projects include the $275 million No. 9 Walton condo tower and numerous large-scale apartment buildings all over town. In terms of where exactly Chicago ranks on the new development scale, only Miami and Dallas-Ft. Worth saw more housing starts in terms of dollar volume, while Washington DC also saw $5.9 million is new construction volume.
Between commercial development and multi-family development, multi-family has certainly showed considerably more growth over the past few years, but the commercial sector is continuing to gain strong momentum here in early 2016, which could continue to mean good things for residential real estate in the coming months, especially in cities like Miami, Dallas, DC, and Chicago.
By: Terri McAuleyChicago Condos for Sale
“Chicago’s Luxury Condo Specialist”