What's Driving Our Zeal
CREW's Chicago Chapter recently held its monthly luncheon at East Bank Club, featuring UIC's Dr. Rachel Weber talking about why we overbuild and boom cycles. The most recent "Millennial Boom" (1998-2008) was characterized by adaptive reuse and an acquisition surge (87% of Chicago office buildings traded at least once during that period), she says. Our overzealous groundbreaking has two drivers. On the demand side: Building users' increasing and changing their preferences. (They need more outlets!) On the supply side: A surplus of capital is searching for yield when other investments show decreasing returns. Pictured: V3 Cos' Margie Lathrop, Rachel, and The Tammen Group's Jennifer Tammen.
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