Renter demand in Chicago moderated from a strong spring leasing season but remained well above year-ago levels, yet trailing four-quarter absorption continued to lag new deliveries and leasing activity was concentrated in Downtown Chicago and North Lakefront.
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The construction pipeline has contracted sharply from its 2018 peak to just 1.7% of inventory, one of the lightest in the region and well below the national average of 2.7%, with starts also pulling back meaningfully from a year ago.
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Chicago posted the second-strongest rent growth and occupancy level in the Midwest region, trailing only Milwaukee on both measures, a standing reinforced by one of the lightest construction pipelines in the group.
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MARKET OUTLOOK
The Chicago market will maintain a position of relative strength over the near term, even as modest supply pressure limits rapid occupancy gains...
