The downtown Chicago market “has been significantly impacted by demand shifts resulting from the coronavirus pandemic,” . “The combination of falling demand and rising supply has pushed vacancy to a record-high 17.7%.
That’s led to a near 11% plunge in effective rents downtown, more than double the drop in the city’s next worst-performing market, North Lakefront, CoStar data shows.
Attended a presentation by Lawrence Yun (NAR chief economist) and he is projecting a 15% increase in home sales this year. They anticipate this to be further away from city centers, which indicates a more stabilized local economy (less of an exit of residents, more like a replacing of current residents) in many of the areas our members serve.