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Chicago real estate market praised

25th August 2010 | back to article listings BACK    print this article PRINT

The real estate market in Chicago is still one of the most coveted in the world, the new president and chief executive of a prestigious property company believes.

Glenn Rufrano, of Cushman & Wakefield, said: "We believe the Chicago metro area is a good growth market, and we're coming up with ways to enhance our business lines there."

The city is already included in Cushman & Wakefield's top five American markets, with its six-county area offering 200 million square feet of office space and more than a billion feet of industrial space.

Rufrano added: "The only larger [US] real-estate market is New York, so that makes it a strong market."

Despite Chicago's office vacancy rate increasing to 16.5% in the second quarter of 2010 - the highest since 2005 but still well below its peak - Rufrano believes that demand is returning.

And now, unlike the early 1990s, the market is not overbuilt.

"The problems we had in 2008 and 2009 were induced by demand being curtailed," he said.

The peak vacancy rate among office properties in Chicago's suburbs, apart from owner-occupied properties, is now 23.4% - down from 24% in 2009.

Copyright © Press Association 2010

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