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As the city faces challenges such as crime, the uncertainty of a new mayor, rising interest rates and a national slowdown in deals amid worries of a recession, 82.8% of Chicago commercial real estate professionals had a negative feeling about the next six months, up from about 65% in last year’s mid-year outlook report by by The Real Estate Center at DePaul University and the Urban Land Institute Chicago District Council.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Who are the ones that aren’t pessimistic? They need to see a healthcare professional as it appears they’ve suffered a recent blow to the head.
The major banks are going to own downtown Chicago and will not know what to do with it.
Huge losses on the way for the Democratic Cities all around the USA.
It’s more than bank, it’s private equity, insurance companies, REITs, pension funds…Not sure how WP missed this doozy (or maybe I missed it!); Illinois Teachers’ Retirement System loses $109,000,000 on office tower in Minneapolis last week…. https://www.axios.com/local/twin-cities/2023/06/28/la-salle-tower-minneapolis-sale-discount-46-million Jun 28, 2023 Downtown Minneapolis’ LaSalle Plaza trades at a steep discount Distressed downtown Minneapolis office tower LaSalle Plaza has been acquired by a local developer at a steep discount from the previous sale price. Details: Eden Prairie-based Hempel Cos, a firm with a track record of breathing new life into struggling real estate, declined to disclose the price. But the Minneapolis/St. Paul… Read more »
Professionals in the real estate industry are always the very last to realize what is going on. They drink the kool-aid more than any other industry. It’s always a good time to buy, or sell, real estate!
Realtwhore’s a variation in the spelling of realtors which more aptly describes them.
I like ReLitter and UHS (used home salesman) myself! LOL