As more and more building projects dot the Chicago skyline, the costs of construction are rising in tandem.
Chicago is now ranked the 3rd most expensive place to build in the U.S. Only the usual suspects, NYC and San Francisco, have higher costs.
According to a report from Jones Lang LaSalle, a Chicago-based real estate services firm, construction costs here have risen 31.6% over the past decade, more than any other metro area in the Midwest.
Rising costs could continue as the corona virus affects imports from China.
The report adds: “As a very broad estimate, roughly between one-quarter and one-third of all construction products in the U.S. are sourced from China, so any sustained slowdown in Chinese production may cause material shortages in the U.S.”
And shortages mean higher prices.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.