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Higher mortgage rates are messing with the housing market
The average 30-year fixed-rate mortgage has reached 7.4%, impacting the housing market significantly. This increase is affecting sellers, buyers, and new homeowners alike, creating a ripple effect throughout the market.
Future development opportunities targeted in South Chicago land use plan
A new land use plan for South Chicago aims to enhance future development opportunities in the area. The plan focuses on increasing commercial developments, including multifamily, retail, and office spaces, to complement existing investments totaling billions of dollars.
Real Estate Roundup: Building sales, new leases to know across Chicagoland
This roundup highlights recent building sales and new leases in the Chicago metro area. It provides insights into the latest real estate transactions and developments that are shaping the local market.
Scannell Properties to break ground in 2027 for Elgin industrial development
Scannell Properties is set to begin construction on a new industrial development in Elgin in the second quarter of 2027. The project will feature a 660,000-square-foot facility, with delivery anticipated in the first quarter of 2028.
Downtown retail centers Block 37, The Maxwell sell at steep discounts
Two downtown retail centers, Block 37 and The Maxwell, have been sold at significant discounts. The new owners view these acquisitions as opportunities despite the current market conditions.
Distribution facilities powering Chicago industrial market
The demand for distribution facilities in Chicago remains strong, driven by third-party logistics providers, e-commerce companies, and retailers. Developers are actively seeking large land sites that can accommodate facilities of 1 million square feet or more.