Over the past decade, Chicago real estate development has been a leader among major urban hubs in the U.S., according to a new report from StorageCafe. Despite some sectors experiencing stagnation due to pandemic-related factors and strained financial markets, multifamily construction and commercial property have seen tremendous growth in Chicago.
Ranking No. 16 for activity across multifamily, self-storage, office, retail and industrial construction real estate sectors nationwide; Chicago has added notable additions over the last ten years including: approximately 59K multifamily units (7th highest), 21 million square feet of office space (5th rank nationally), 3.6 million square feet of new retail construction (7th rank) and 4.1 million square feet of self-storage space as well as 10+ million square feet delivered for its industrial sector .
