Another positive sign is 89% of the available multifamilyfor-sale product is under contract, Lissner adds at a recentpresentation to the Chicago Real Estate Council. Meanwhile, 49% ofthe unsold inventory is not even under construction yet, sheadds.

"We don't think all of these projects will be built," Lissnersays of proposed developments totaling 3,268 units.

Foremost among the developments that have yet to see agroundbreaking is Trump Tower Chicago, to be built on the site ofthe current Chicago Sun-Times building at 401 N. Wabash Ave.However, pre-sales have passed the halfway point despite pricepoints beyond the $700 per sf mark.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.