More than half of all the leases signed at downtown’s eight newest rental high-rises in 4Q 2010 were concentrated in three buildings: 215 West and 200 Squared in the Loop, and Astoria Tower in the South Loop, according to data provided in the 3Q and 4Q Downtown Chicago Residential Benchmark Reports from Appraisal Research Counselors.
The 4Q leases and overall absorption at the end of 2010 for these eight towers are:
- 215 West, 215 W Washington St: 50 leased in 4Q; 280 of 389 (72%) leased overall.
- 200 Squared, 210 N Wells St: 38 leased in 4Q; 51 of 329 (16%) leased overall.
- Astoria Tower, 8 E 9th St: 35 leased in 4Q; 35 of 205 (17%) leased overall.
- Alta at K Station, 555 W Kinzie St: 34 leased in 4Q; 483 of 848 (57%) leased overall.
- EnV, 161 W Kinzie St: 20 leased in 4Q; 112 of 249 (45%) leased overall.
- Trio, 670 W Wayman St: 17 leased in 4Q; 66 of 90 (73%) leased overall.
- Flair Tower, 222 W Erie St: 16 leased in 4Q; 172 of 198 (87%) leased overall.
- Parc Huron, 469 W Huron St: 16 leased in 4Q; 162 of 221 (73%) leased overall.
In total, 1,362 of these buildings’ 2,529 units were leased at the turn of the new year. Appraisal Research expects these buildings to reach lease-up in the second half of this year, and predicts significant rent increases definitely by spring 2012 and possibly by this fall.
Appraisal Research also sees lenders “giving serious consideration to new product,” and projects several deals being finalized in 2011 that will result in approximately 2,500 new units. Although many new proposals won’t get financing, “the window for feasibility is clearly beginning to open,” the report says.