Three Multifamily Developers Shaping Chicago’s Skyline
2013 was the year of new luxury apartment towers, condo-quality amenities, and dream-come-true rents for investors. (It was also the year of short hair on women and the year of the snake.) On April 8, we’ll be holding a special Multifamily Summit to find out what this year holds.
If you think “if you build it, they will come” is only for baseball movies, check out this stat: Developments completed last year have been open a weighted average of nine months and did 1,836 leases, reaching an overall occupancy of 68% and annual absorption of about 2,450 units/year. Most landlords are keeping one-month rent concessions in place for the foreseeable future, experts say, which should keep rent inflation down, boost affordability, and bolster that absorption number. Meet some of our event panelists, whose projects are changing the game, and your view, for the better: