Chicago’s real estate market is dynamic and showing signs of renewed activity. As reported in the Chicago Business Journal, the private investors who have dominated the market since the pandemic have given way to institutional investors. In the latter half of 2024, large deals in the $50 million to $200 million range were more frequent, with stronger bidding pools.
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\nA major factor is the limited supply of new housing, with the urban area having the least new unit supply of any major market nationwide. This scarcity will remain a significant factor in demand and pricing for at least the next 18 months. This is drawing investor interest in existing multifamily housing stock, as well as planned developments.