Serving Dupage, Cook and Lake Counties, Mount Prospect, Schaumburg, Wood Dale
Tuesday, June 12th, 2018 by Peter Pawelko
For the past couple of years, construction has been booming in Chicago and suburbs. Reportedly, the surge in development is due largely to companies relocating to the Chicago metropolitan area. The result is a growing demand for new office space and residential units. Many more high-rises will be built and the industrial sector also has seen an increase.
Chicago is still reasonable with respect to cost of living when compared to other major U.S. cities and sits approximately in the middle of the range. Even though we have seen a sharp increase in construction costs, inflation and appreciation of property values, the Chicago market is going strong. Chicago is accessible to a younger generation of skilled labor and there’s a big migration from the suburbs to the city.
Today’s young employees want luxury apartments and multi-family condominium units, easy access to public transportation and amenities, they want the comfort of adjacent shops, parks, bike paths, bars, restaurants, bike storage, outdoor space, grocery shopping, spa and fitness programs, etc. This shift in demand is what is driving new mixed-use developments all over Chicago, and across the U.S. in and around big cities.
Many construction companies are shifting their work model to be more welcoming to millennials by offering new benefits, flexible work hours, working remotely, working in an open space, and offering other perks to its employees.
Benefits for construction companies and developers residing or relocating to Chicago, are low interest rates, changing preferences, new zoning policies, as well as openness to technology and green projects.
Conclusions? The Chicago area will continue to grow and we will continue seeing more developments everywhere due to:
Residential mixed-use and multi-family projects are a hot commodity
Condo construction is making a come back
Condo conversions are likely to continue
Low interest rates
Higher rental rates
Real Estate 2018: What it means to the seller
To take it a step further, millennials are stepping into the real estate market and if you aren’t catering to this generation’s buying potential you’re probably going to miss out on a lot of opportunities. If you are remodeling and considering selling your home make these necessary upgrades:
Make your house/condo in tip-top condition by installing new siding and/or roofing;
Remodel the outdated kitchen and bath, replace carpeting with hardwood flooring;
Do an energy-efficiency check of your home (install skylights, sun tubes, new windows and doors, solar panels);
Upgrade any old appliances;
Install smart-home features.
Keep in mind that the younger (under 35 years of age) generation does hours of online research. Get all information about your house in front of them and make sure to highlight relevant features.
We’re here to help you better understand what the current housing trends are and to transform your home inside – out. Contact us to obtain more information on our interior/exterior remodeling services, or to request an estimate.