Quote of the day: Time to decide

“The first thing developers are doing is talking to their banks. It’s really kind of decision time.”

Appraisal Research Counselors Vice President Gail Lissner, noting to Crain’s that busted-out condo developments will be the biggest contributor to downtown Chicago’s supply of apartments this year. Seven buildings in the downtown market have more than 150 unsold units, according to Appraisal Research’s latest residential benchmark report.

Rents could rise by 7% to 8% among downtown’s top-tier buildings in 2011, and overall occupancy could reach 98%. says Appraisal Research.

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