Quote:
Originally Posted by the urban politician
3000 apartments in one neighborhood in 3 years?
Rents are down 10-15% compared to 2019.
Unless we see a sudden, dramatic uptick in demand above and beyond pre-pandemic times, that's just preposterous. I don't see lenders coming out of the woodwork to finance that kind of volume unless and until they see evidence that they will get the kinds of projected returns that they typically expect.
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There was already an article in Crains a few weeks ago talking about how downtown rental buildings are coming back up and nearing pre pandemic vacancy rates again. It was all about how some buildings were desperate and offering multiple months free, and now they're stopping because they've seen a sudden uptick in people renting again.
I've seen multiple articles already, not just for Chicago, but for multiple places talking about stuff like this as well as city dwellers trying to move to the suburbs only to find out its not for them and want to move back. Not only that but the reality that most companies aren't actually going to go to 100% WFH. Even if you are only required.to be in the office 3 of 5 days a week for an office job, I think a lot of people will choose to still be in the city especially ones without children.