Chicago’s construction boom has continued well into the new year, with thousands of new apartment units expected to be delivered in 2017. The city’s construction boom has be led largely due to the demand for new apartments, and according to residential brokerage Luxury Living Chicago Realty, 6,600 brand new apartment units in 33 different buildings are expected to be delivered this year.
The number is no surprise as developers constructed and delivered thousands of new units in 2015 and 2016, but if Luxury Living’s numbers are correct, that would mean that developers may potentially deliver more apartments this year than in the last two years combined. Beyond the new skyscrapers being built in the downtown area, Luxury Living suggests that the number of transit-oriented developments that are being constructed along hot corridors like Milwaukee Avenue are major contributors to the rental boom.
With 44 major high-rise projects currently under construction, developers are working on delivering new office space, new hotels, new upscale condos, and new rental apartments throughout the city this year. However, there has been concerns about a possible oversupply of new units which could lead to a slow down in the booming apartment market. And while Chicago’s construction boom is one of the top in the nation, as a metro area, Chicago’s apartment boom ranks well below other regions like Houston, New York, Los Angeles, Seattle, and Miami.
- Chicago market reports [Curbed Chicago]
- Report: Chicago apartment market could face challenging 2017 [Curbed Chicago]
- Mapping the 44 high-rises under construction in Chicago right now [Curbed Chicago]