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Apartment Construction Could Create Localized Competition; Overall Conditions Healthy

ayroll gains are encouraging household formation and boosting the rental market in Chicago. Accelerating job growth in the construction, professional and business services, and education and health services sectors are compensating cuts made by manufacturers. Development of the Marriott Marquis hotel, for example, has generated hundreds of construction positions and will add 2,500 full-time jobs upon completion at the end of 2017. Additionally, the renovations of Wrigley Field and Midway Airport will add several thousand jobs in the leisure and hospitality sector by 2019. Sprint, meanwhile, will support rental demand with 750 new hires in 2016 as the firm upgrades its network. Although apartment construction will reach the highest level since 2006, absorption will outpace inventory additions in most submarkets this year, with neighborhoods including South Shore and O’Hare recording the lowest vacancy[…]


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