Chicago’s multifamily market continues to reach new heights, quite literally. The city is now one of just a few cities in the U.S. to boast 100 skyscrapers in its skyline, with the addition of Jupiter Realty Co.’s 444-unit apartment building at 465 North Park. Since 2000, developers have added 38 skyscrapers in Chicago, and 25 of them are multifamily towers, according to a recent Bisnow story. Another seven towers are scheduled to open by 2022, and just one, 110 N. Wacker, is an office building.
Millennials Still Rule
Demand is high on the multifamily front, with an increase in employment and the “live, work, play” trend that is bringing Millennials and others into the Loop and other city neighborhoods. According to a recent report from Real Capital Markets, there is plenty of capital, both domestic and foreign, chasing multifamily investments in Chicago and on a national scale.
Among the new developments to watch is Vista Tower, a 406-unit condo development nearing completion along East Wacker Drive and the Chicago River. When completed in 2020, it will reach 1,198 feet, surpassing the Aon Center as the city’s third-tallest building.
Chicago’s Skyscraper History
Chicago has a rich history of skyscraper development dating back to the 1960s. Its 1000 Lakeshore Plaza, a 55-story, 590-foot multifamily property was the tallest concrete reinforced building in the world when It was completed in 1964, according to RentCafe. Among the notable multifamily skyscrapers in Chicago are Marina City and Lake Point Tower.
But today, American skyscraper development is mainly taking place in New York. Around the world, China is leading the way in skyscraper construction, developing 76 such buildings in 2017. Just 10 were completed in the U.S. in that same year.