Harold Willig
- Feb 29, 2020
How to Think Smart About a Possible Recession
Recessions happen; that’s a guarantee. But when will a recession hit? That’s more of a guessing game. Despite the fact that the U.S. has experienced a record 126 consecutive months of growth, some people are nervous. But not William Strauss, the senior economist with the Federal Reserve Bank of Chicago. At a recent real estate market forecast event held at Roosevelt University last month, Strauss seemed skeptical that we’re on the precipice of recession. Strauss cautioned tha
Harold Willig
- Feb 23, 2020
Is Chicago a Major Player? An Also Ran? or Both?
Last month at the 18th annual Commercial Real Estate Forecast Conference, a panelist asked a very intriguing question: “Is Chicago, the Midwest’s biggest city, still a major player in the commercial real estate world? Or does the city instead live up to its nickname as a second city, a lesser cog in the world of investment and development?” The answer was complicated. Panelists agreed that Chicago faces challenges; however, it’s still an important destination for developers a
Harold Willig
- Feb 22, 2020
Multifamily Investors Getting Active in Oak Park
Real estate investors are flocking to Oak Park, a so-called “Urban-Suburban” town. And with good reason. Mark Halper of Kaiser Group (and the author of the linked article) has closed 161units in the past eight months. New construction of multifamily rentals is running at a pace rarely seen in the suburbs, nearly matching rates seen in Chicago proper. In the fourth quarter of 2019, two-bedroom units in Oak Park were $2,517 per month and $1,898 for one-bedroom units. Oak Park h
Harold Willig
- Feb 16, 2020
Apartment Market Getting Tighter in Chicago
Downtown Chicago is growing, and the job market is doing fairly well. Uber Freight, Walgreens and Amazon are setting up shop in the Windy City creating new jobs. It’s a good time to be an apartment owner as the supply of good apartments dwindles and the demand continues to grow. In fact, average rents in the city have increased by more than 10 percent over the past two years as vacancy rates decline. For those Chicagoland residents who cannot afford apartments in Chicago prop
Harold Willig
- Feb 15, 2020
Chicago Gains Jobs While Rest Of Illinois Suffers Setbacks
If you live in Chicagoland, your job prospects since the Great Recession are pretty good. If you live elsewhere in Illinois? Good luck. During the recovery and up until today, the Chicago area is up 240,900 jobs from before the Great Recession while the rest of Illinois is still down 41,300 jobs. However, Chicago area job growth is weak compared to rates in Dallas/Arlington, Houston, Boston and almost every other major city. A 2018 analysis by Green Street Advisors says that
Harold Willig
- Feb 8, 2020
The Case for Renting
Owning one’s home has been a major part of the “American Dream.” But that’s changing. Many millennials face a tough housing question: “Do I rent or do I buy?” The current housing market is making the decision easier. Renting may seem like you’re “just throwing your money away,” but prospective homebuyers need to know about all the costs of buying and maintaining a property. First off, never buy a home if you plan to stay in it for fewer than 5 years. In some metro areas like
Harold Willig
- Feb 7, 2020
Amazon to Create 100’s of Jobs at Old Racetrack Site
Amazon has big plans for Chicago. The trillion-dollar behemoth plans to hire hundreds of employees for a massive distribution center on the site of the former Maywood Park racetrack. It will be Amazon’s largest distribution center near Chicago, less than 2 miles from the city limits. Amazon will soon begin hiring hundreds of people for full and part-time positions at a starting salary of $15/hour, providing a nice boost to Chicagoland’s economy. This new distribution center,
