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With the Chicago real estate market riding high, the amount of commercial real estate delinquency rates at banks has fallen to its lowest level in a decade. Chicago is currently experiencing fewer commercial real estate delinquencies as occupancy is rising. A construction boom in downtown Chicago has aided the growing economy. Rents and property values continue to rise while interest rates remain low.
The expanding economy has led to push the local warehouse vacancy rate to a 15-year low. Chicago industrial vacancy is down .3 percent from a year earlier. Low industrial vacancy is a good indicator of a strong Chicago economy. A rising demand for goods and services propel demand for Chicago office space from the businesses that manufacture them.
Like warehouse vacancy, office vacancy has fallen in downtown Chicago to its lowest level in over a decade. Real estate brokers appear confident this trend will continue. Occupancies are rising as more and more businesses move into the city, and existing firms expand their downtown Chicago office space.
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The Chicago real estate market is growing despite more hesitant financial markets. The Moody’s/Real Capital Analytics Commercial Property Price Index, a leading indicator of commercial property value, shows commercial property value in the Chicago area rose 4.7 percent in 2015 for the sixth straight year.
International investment poured into the Chicago real estate market in 2015. Foreign money paid billions of dollars for properties in Chicago, according to New York-based research firm Real Capital Analytics. With such foreign investment, Chicago’s commercial real estate sector is soaring.
A breeding ground for entrepreneurship, Chicago offers a number of resources for inspiring businesses to grow and thrive. There are a plethora of consulting agencies to help a small business owner with the advice and direction they need to propel their company forward.
Unlike the coastal cities, Chicago is a hub in the center of the country. Having a Chicago office space allows for quick flights anywhere in the nation. Plus, the city is located on the lake which makes it accessible to industry in myriad ways.
The city’s political climate encourages business development and innovation. This is an impetus for entrepreneurship. Chicago has launched several programs to connect new business owners, and start-ups with successful industry leaders. This leads to a forward thinking business climate where all are welcome to come and thrive.