CHICAGO—The Chicago region's incredibly active apartment market has received a great deal ofattention in the past few years. Much of the discussion hascentered around when the number of new rental units hitting themarket will finally outrun the currently healthy demand. There has been far lesschatter about the market for condos. Many developers and lenderswere spooked by the sector's collapse during the Great Recession,and decided to concentrate their efforts in the rental market. Butconditions may be changing.
“There has been a limited supply of new condos built,”David Wolf, president of ONCollaborative, tells GlobeSt.com. Most of the recentconstruction projects were small in-fill projects, or handfuls ofultraluxury downtown projects, along with some luxury projects inthe West Loop and other neighborhoods on the downtown's periphery.But a restrictive lending environment and high construction costshave kept the brakes on.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
