Though it was one the last metros to emerge from the recession, Chicago’s rental market is looks like it will continue to improve steadily as the economy continues its recovery. Job growth is expected to exceed 2015 levels this year, as several companies move relocate and consolidate positions to the Windy City. Kraft Heinz, for example, is closing the Oscar Mayer plant in Madison and moving 250 spots to the Aon Center. ConAgra is also adding a Fortune 500 headquarters to Chicago with a move from Omaha to the Chicago Merchandise Mart. The firm will bring at least 300 workers from Omaha and transfer 400 employees from the suburbs into the downtown area.
Development of the Marriott Marquis hotel and renovations to Wrigley Field are also generating thousands of construction and leisure and hospitality jobs. Permitting activity has reached the highest level since the previous downturn, though developers are focused on multifamily projects. This will have little impact on single-family rental operations in the suburbs, as most of the new units are coming online in The Loop and Streeterville/River North submarkets.
Forecast for Chicago Market
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