That’s right, Chicago is on a building spree — and that should continue

On the surface, the past 12 months were rough for Chicago’s commercial real estate market’s construction sector. Across the four major property types — industrial/flex, office, retail and multifamily — construction starts and square feet and units underway were down more than 40% from their previous eight-year (2015–23) averages. Though not as anemic, even hospitality construction is down from this benchmark by just over 20%.