Apostal Group

Chicago new construction among highest in the nation Niko Apostal 10/05/16

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After a lull following the housing bubble in 2008, Chicago new construction is back with a vengeance. A recent report published by Chicago Agent Magazine compares August’s new construction numbers in Chicago to other large cities around the country. Based on raw numbers, Chicago comes in third overall at $1.2B in new construction taking place. But in year-over-year percentage change, Chicago is at the top of the list. Only San Francisco even comes close. Both cities have seen a whopping 140% increase in new construction since last year. The next highest year-over-year percentage change is Los Angeles, at 49%.

This is due in no small part to a boom in high-rise construction downtown. Curbed estimates that as of Aug. 17, there were currently 44 new high-rises under construction. New towers added to the list at that time included: Vista Tower, 465 N. Park, Alta Roosevelt, 8 E. Huron, 3Eleven Illinois, 215 W. Hubbard/412 N. Wells, 625 W. Adams, 1001 W. Chicago, 165 N. Des Plaines, The Aberdeen, Fulton West, and the Lakeshore LDS Meetinghouse.

Other areas in the city that are seeing significant construction projects include West Loop/Fulton Market, Logan Square and Bucktown/Wicker Park.

Interested in learning more about what this Chicago new construction boom means for property values and home-buying? We’d love to discuss it! Contact us.

*Photo courtesy of Flickr user {vincent desjardins}.

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