Commercial Real Estate Looks Better for 2012
Chicago and its suburbs can expect fewer empty storefronts in 2012. Renters will have fewer vacant apartments from which to choose and should expect to pay more to rent the units that are on the market.
But we should not expect many new office buildings or strip malls to rise in the Chicago area this year, according to a survey of commercial brokers affiliated with the RE/MAX Northern Illinois real estate network.
Those RE/MAX agents say the commercial real estate market in Chicago and its suburbs remains a challenging one, with little new development taking place. They are, however, seeing signs of hope in the local commercial market, especially in the red-hot multifamily sector.
And these agents expect commercial real estate activity -- leases and sales -- to increase at a faster rate as the national and local economies continue to improve, a view supported by the latest research on the commercial real estate market. This is good news for Chicago-area residents -- a strong commercial real estate industry means more jobs.
The latest research from the National Association of Realtors. The association's most recent quarterly commercial real estate forecast reported that all of the major commercial real estate sectors -- multifamily, retail, office and industrial -- are seeing improvements across the country. …