About Chicago Association of Realtors - Crain's Chicago Business

41 per square foot in the 2nd quarter of 2021, up from the former record of $3. 31 per square foot 2 years previously. And, a minimum of one new deluxe high-rise rental building is charging and getting $4. 20 per square foot. Regardless of the lofty rents, downtown home leasing in the first half of 2021 ran ahead of the normal volume for a good year, states Ron De, Vries, senior handling director for Integra Real estate Resources.

Also, the city's robust tech task market is drawing in out-of-towners who wish to sign a downtown lease as offices begin to re-open. (Left) Park Place Condominiums south of A. Montgomery Ward Park. Full Article in the first half of 2021 represented almost half of the brand-new spring leases downtown 35 percent were move-ins from out-of-state and 15 percent originated from the suburbs, reported Luxury Living, a company that handles leasing for about 3,000 Loop homes.

Coincidently, the pandemic triggered the getaway travel market to shrink, stimulating a depression in downtown hotel room rentals. Meanwhile, a boom is reported in Airbnb rentals in safe, well-located walk-up buildings. "Many Chicago visitors are picking personal houses and well-appointed apartment or condos over downtown hotels as the travel industry rebounds," noted Real estate agent Sara Benson (right), president of Chicago-based Benson Stanley Realty, who works with owners of earnings properties.

After a depressing sales pace in 2020, year-to-date condo and townhome sales downtown are running ahead of 2019. The Chicago Association of Realtors reported in August that 654 Loop condominium and townhouse systems were sold in the very first 7 months of 2021. That's a 51 percent gain over the same duration in 2019.

In 2020, the pandemic, riots, and social unrest almost shut down the downtown condominium market, producing an over-supply of listings. Nevertheless, Real estate agents say in 2021 there still are deals to be had due to the fact that prices have not yet reached pre-pandemic levels. In spite of the rebound, apartment and townhouse sales on the Gold Coast and Near North Side still are running about 25 percent behind 2019.

"It's mostly because of criminal activity, mostly carjacking and smash-and-grabs near Michigan Opportunity," noted Jim Kinney (left), a veteran Baird & Warner broker.