Over the past decade, Chicago has been a leader in real estate development across multifamily construction and commercial properties. According to a new report from StorageCafe, some sectors experienced tremendous growth while others plateaued due to factors related to the pandemic and strained financial markets.
Chicago ranked No. 16 for most activity among multifamily, self-storage, office, retail and industrial construction real estate sectors. In the last ten years alone there have been notable additions including 59 thousand units of multifamily housing (seventh highest among 100 biggest urban hubs), 21 million square feet of office space (No 5 rank in country), 3.6 million square feet of retail construction (No 7 rank) as well as 10 million square feet delivered for industrial sector use .
Overall these figures demonstrate how Chicago is one of America’s top cities when it comes to real estate development over recent years despite challenges posed by Covid-19 and other economic difficulties faced during this period
