High-rise multifamily construction to carry the Chicago construction industry

Nearly $400 million of residential projects broke ground last month
  • Two high-rise rental projects broke ground in January valued at a combined $237 million.
  • The majority of single-family starts in the Chicago metro should be in the form of downtown condo towers.
  • The South Loop, The Loop, River North and Fulton Market neighborhoods each have three or four high-rise projects lined up.

Last month the value of all residential construction starts in the Chicago-Naperville-Joliet metro totaled nearly $392 million, with multifamily starts accounting for the majority of this volume.According to data from Dodge Data & Analytics, two high-rise rental projects broke ground last month that accounted for $237 millionĀ of the $392 million total.Based on the city of Chicago's pipeline, multifamily projects, and more specifically high rises, should continue to account for the majority of residential construction, this despite the estimated 6,700 units slated to come online this year.The majority of single-family starts should be in the form of downtown condo towers, rather than detached single-family homes.In Streeterville, Related Midwest is nearing commencement of a 67-story high-rise project that will feature a mix of condos and rentals, 65 units and 20 units, respectively. The project is slated for completion sometime next year.CMK Companies repres...