Categorized | Commercial

Commercial Real Estate Market in Chicago Sees Improvement

Please Share!

Chicago’s commercial real estate market is finally showing positive signs of improvement. For the first time in many months, the vacancy rate of commercial office space has dropped below fifteen percent, and experts believe that it may actually drop further. In addition, rent prices have increased, and are expected to further increase in the coming months.

Commercial office properties in the suburbs of Chicago are not having the same success as those in the city, though they are not suffering major losses either. Vacancy rates of commercial office properties in the suburbs have remained between twenty-two and twenty-three percent for some time.

Commercial real estate sales in the city of Chicago have also enjoyed great success in the past few months, thus bucking the national trend. Commercial properties in the Windy City saw an increase of eighteen percent, and sales of one million dollars or greater have nearly doubled in the last year.

The most recent trends of decreasing vacancy rates and increased sales certainly bode well for Chicago’s real estate markets. While residential real estate sales continue to remain slow, the commercial real estate market is setting the tone for a potential overall real estate market recovery.

Experts believe that Chicago is most definitely on the right path to get out of the current real estate struggles hurting the rest of the country. While recovery is still expected to be slower than most brokers and real estate agents would like, it is still happening, which is more than can be said about other areas in the United States.

Please Share!

About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

Leave a Reply

Twitter Chat