Views

What’s driving the Chicago market?

Strong economic fundamentals, limited new supply, and an influx of corporates make Chicago an attractive investment destination across asset classes

With a $847 billion economy and strong corporate migration, Chicago stands out as a top-performing market with compelling investment opportunities across asset classes. But before you invest, you need to truly understand what's driving the Windy City to guide your decisions.

We've gathered the need-to-know insights across apartments, office, industrial and retail that will give you a crash course in the trends shaping the Chicago metro.

Here are some highlights:

Chicago's apartment market outperforms national averages with a 95.2% occupancy rate, exceeding the rest of the country by over 80 basis points. The market's strength is further evidenced by rent growth surpassing national rates, driven primarily by constrained new supply.
The city ranks 4th for planned office-to-residential conversions, allowing investors to reposition underutilized assets into income-producing multifamily amid rental demand
As the electric vehicle manufacturing sector emerges, demand for modern industrial space near suppliers and spur speculative development to accommodate these unique space needs
Chicago absorbed 1.9M square feet of retail space since the second half of 2023 – the fifth highest in the U.S. -- with rates 20% below average and a limited 0.2% retail vacancy rate pointing to room for rent growth

Fill out the form to download the research

First Name *

Last Name *

Email Address *

Company *

Title *

Country *

I would like to receive JLL research, trends & insight and news.

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your inquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.