Crain's Chicago Business / February 8th, 2016
Crain’s Chicago Business reports: Sales of Chicago area property rose to $22.64 billion in 2015, surpassing the previous record of $22.55 billion in 2007. Sales volume rose 44% from 2014, according to Real Capital Analytics (RCA), a commercial real estate data and analytics firm.
As prices have risen past the previous peak, some investors–including the owners of Chicago’s Willis Tower–have cashed out. The property sold for $1.3 billion in June. Jim Costello, Senior Vice President at RCA, said it’s not time to be worried about the peak of the market, since economic signals have been healthy and real estate offers investors a safe haven amidst turbulent global financial markets.
Costello said he expects investors to keep buying in Chicago because prices are more attractive than New York or San Francisco; Chicago’s big, liquid market will be of particular interest to overseas buyers, he said. Cross-border investors bought $3.5 billion of commercial property in Chicago in 2015, almost twice the investment total of 2014, according to RCA.
View the full article in Crain’s Chicago Business: Chicago Area Property Sales Set New Record in 2015