2016 didn’t have a blockbuster Willis Tower sale, but it may have been a more exciting year to cover commercial real estate because there was so much happening across asset classes. Today, look at the top seven stories of the year in local real estate.
1. A Record Year For Multifamily Sales
With a packed pipeline of Class-A projects, and growing rent spreads, rentals were well poised to have a banner year. But we had no idea just how well apartment sales activity would fare. Q1 was highlighted by Streeterville’s multifamily activity, which accounted for $490M in sales volume. By the time Q2 ended, the top 10 apartment sales in the Chicago area totaled $1.9B, and investor appetite was equally strong for both downtown and suburban assets.