Deluge of Trophy Office Towers Coming to Market in Chicago
Chicago Tribune reports: As a top-tier US market, Chicago has joined the likes of New York and Washington, DC in registering some impressive improvement over the past year in property valuations. As property pricing slowly reaches for its previous 2007-high, current office owners have begun deciding to place their properties on the market for some sizeable profit returns.
Most recently it was announced that the historic Chicago Board of Trade Building has been put on the market, but other current for-sale properties in Chi-town include the Willis Tower, among more than 10 others. This has already exceeded the 11 office towers that traded in Chicago over all of 2010.
Of the Willis Tower opportunity and the ramp-up in offerings in general, Real Capital Analytics Managing Director Dan Fasulo told the Chicago Tribune that, “Prices have not fully recovered to their pre-recession levels, but if Willis Tower sells this year it would probably be sold at a profit.” Additionally, Mr Fasulo pointed out that many office towers currently on offer were purchased years before the market peak of 2006-2007, meaning that even more investors may be waiting for prices to continue rising before offering their peak-purchased product sometime in the near future.
View the full article on Chicago Tribune: Deluge of Trophy Office Towers Coming to Market in Chicago
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Posted by: Nina Turner