2016 Olympics: No Games, More Pain
Crain's Chicago Business reports: So much for an Olympics bounce. Chicago contractors, architects, real estate developers, hoteliers and commercial property owners who hoped the 2016 Olympics would hasten the recovery of their moribund businesses were left cold Friday by the city’s snub from the International Olympic Committee.
Hosting the Olympics also could have bolstered the city’s standing among foreign real estate investors. Chicago hasn’t been listed among the top five U.S. cities for property investment in the Association of Foreign Investors in Real Estate (AFIRE) annual survey since 2002. Foreign investment here this year has totaled just $40 million, down 90% from last year, according to Real Capital Analytics.
(RCA subscribers: see our latest report on Chicago's troubled commercial properties.)
Despite the sting of Chicago’s fourth-place finish, the prospects for the city’s future aren’t diminished, says Roger Hill, CEO of Gettys Group, a Chicago-based hotel design and consulting firm.
"Chicago is a city that’s very resilient, and we’ll do great things without it," he says.
View the full article on Crain's Chicago Business: 2016 Olympics: No Games, More Pain
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