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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.
Audio and summary linked here.
A mess of uncertainty and litigation is sure to follow.
Summary and audio linked here.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
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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