“To get people in, they’ve needed to give away the store.”
– Fifield Companies President Steven Fifield, giving his take on a competitor’s attempt to undercut the market for new downtown apartments. According to Crain’s, rents at 200 Squared, 210 N Wells St, range from $2.10 to $2.30 a square foot, compared to $2.18 to $2.61 a square foot at 215 West, 215 W Washington St, and $2.50 on average at Fifield’s Alta at K Station, 555 W Kinzie St.
200 Squared is also offering incentives like two free months on 13-month leases, the article says. Forty-three units have been leased since November, but many of the building’s amenities, including a fitness center and swimming pool, will not be completed until March. Rents will rise and incentives will be phased out once the building is completed, a marketing consultant tells Crain’s.