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Crib Chatter is on Vacation This Week

I’m going to the beach again. Thank goodness I didn’t book in the Caribbean as the hurricane season is finally picking up steam.

Of course, no beach location is guaranteed this time of the year. Lol.

The Illinois Association of Realtors is out with the August sales report this week. I’ll have coverage of that when I return.

The market is still slow. Sales have fallen off a cliff. Mortgage rates fell into the 5s in August but are now back over 6%. I’m expecting the Chicago market to remain slow for the next 6 months.

There was a burst of inventory over the summer as sales slowed but inventory has stabilized and remains low. Seems like sellers don’t want to list right now either.

I’ll see you on the 26th.

Play nice,

Sabrina

This entry was posted on Monday, September 19th, 2022 at 5:29 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

11 Responses to “Crib Chatter is on Vacation This Week”

  1. MBRE says the supply of all CBD sublease space inched higher this quarter to 6.4 mm sf, a new high, 96.5% higher than Q1 2020 (127% higher than Q4 2019). Class A’s held up ok but B & C have gotten creamed, and are pressuring A.

    https://mbres.com/upload/eBlast/Research/MBRE_CBDSubleaseReport_090822.pdf

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  2. “MBRE says the supply of all CBD sublease space inched higher this quarter to 6.4 mm sf, a new high, 96.5% higher than Q1 2020 (127% higher than Q4 2019). Class A’s held up ok but B & C have gotten creamed, and are pressuring A.”

    There’s almost 2MMsf of Class A space in WL with 15 spaces >50ksf – Ouch

    I though Google, Amazon, Uber et al were going to gobble all of that CRE up

    Any updates on The 78, Lincoln Yards, etc?

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  3. I don’t know anything about Lincoln Yards etc.

    The sublease supply story was a link in MBRE’s free weekly email.

    https://therealdeal.com/chicago/2022/09/15/activecampaign-adds-entire-loop-office-to-chicagos-record-sublease-supply/

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  4. Current sublease supply is about 2x recent year averages

    https://mbres.com/upload/eBlast/Research/MBRE%20CBD%20Overview%20Q2%202022.pdf#page=6

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  5. “Lincoln Yards”

    construction is ongoing at their life sciences building. this is now planned just next door by same developer.

    https://therealdeal.com/chicago/2022/09/20/sterling-bay-eyes-apartment-tower-next-to-lincoln-yards/

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  6. Non-paywall story, cited in the paywall story:

    https://chicago.urbanize.city/post/sterling-bay-plans-residential-tower-2031-n-kingsbury

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  7. And the SB project just NW of that one, which is also not within the Lincoln Yards PUD area:

    https://chicago.urbanize.city/post/sterling-bay-plans-mass-timber-midrise-2100-n-southport

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  8. As to LY itself, The Steelyard brochure appears to have been fairly recently updated:

    https://sterlingbay.com/wp-content/uploads/2022/08/SteelyardBrochure_Website.pdf

    likely related to 1665 Throop being somewhat more clearly defined.

    Been a few weeks since I was over there to see if anything is happening with the Throop-Southport bridge, but last time I was there was seemingly zero activity–believe that’s the first significant visible infrastructure piece.

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  9. Seems odd the city would “permit” SB to build outside of the LY property itself vastly underbuilt.

    Assume its in the same TIF district?

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  10. “Assume its in the same TIF district?”

    They indeed both are.

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  11. Market is dead. Dead, I tell you.

    Nothing is even coming on. Still a steady trickle of sales but it’s slow.

    I wanted to see what would happen with nearly 7% mortgage rates after years of them being low. I guess we’re about to find out.

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