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Chicago Commercial Realty

Chicago commercial realty is solid, with expectations of growth through the current year. The growth in the national and local economies, coupled with continued low interest rates, is a harbinger of good news for commercial realty nationwide and in the Chicago area. This makes investing in commercial real estate a smart move.

4 Major Sectors of Commercial Realty

• Office
• Industrial
• Retail
• Multi-family Housing
• Hospitality

The Office, Industrial & Retail Sectors

The rise in employment numbers is a direct cause of growth in Chicago commercial real estate. As the business climate improves, job numbers increase and there is a rise in the need for more office and industrial space to house these office and manufacturing workers. In fact, Chicago is second in the country in industrial investments. The retail sector benefits directly from higher employment numbers, as an increased market for products leads to an increase in the number and/or size of retail establishments. Chicago commercial realty in the retail sector ranks number four in the country, thanks to its rise in employment numbers.

The Multi-Family Sector

The multi-family sector is fueled by several factors, the rise in employment numbers, the conversion of current apartment buildings into condominiums, the conversion of current office buildings into lofts & condos, and the increasing number of people with a desire to live in Chicago. People in their 20’s and 30’s are choosing to live in the city to be near to their jobs and the cultural amenities the city has to offer. The rise in transportation costs and increasing commute times are also a contributing factor in the growth of the multi-family sector of Chicago commercial realty, bringing people in to the city from the suburbs. In addition, empty-nesters are moving into the city for its amenities as they downsize.

The Hospitality Sector

The growing hospitality sector of Chicago commercial realty is experiencing growth in two ways. The tourist industry is continuing its growth, bringing more tourists into the city, leading to a need for more rooms. A fairly new concept that is now occurring in Chicago is the condo-hotel, in which an existing hotel is remodeled and provided with the latest in amenities. Specific buildings of a hotel complex, or specific floors of a hotel building, are earmarked for permanent residents who then share in the amenities with the hotel guests.

Involvement in Chicago Commercial Realty

There are several ways to get involved in Chicago Commercial Realty. Sole ownership of commercial realty is one way to become involved in this high-growth potential investment. Other methods are as a joint venture group or as part of an REIT. Don’t let the opportunity to buy commercial property pass you by. For more information on available properties in the Chicago area, contact a professional real estate broker today.