Crain’s Chicago Real Estate Daily recently reported, based on data from Appraisal Research Counselors, that rents at Class A downtown apartment buildings fell 2.7% last year, after three years of sharp rent increases.
Crain’s reports that developers completed “about 2,700 units in 2013, the most in one year since at least 1999, according to Appraisal Research. They will add more than 2,000 apartments this year and possibly more than 4,000 in 2015,”
You’ve seen the aggregate numbers reported fairly often, so we thought it would be helpful to list the projects that have opened last year and will open this year and next.
Opened in 2013, 2,780 units
Coast, 345 E Wacker Dr, 515 units Optima Center, 200 E Illinois, 325 units 500 North Lake Shore Drive, 500 units AMLI River North, 71 W Hubbard, 409 units Hubbard Place, 360 W Hubbard, 450 units K2, 365 N Halsted, 496 units Madison Aberdeen Place, 3 & 4 N Aberdeen, 27 units Vesta Lofts, 125 E 21st St, 58 units
Opening in 2014, 2,512 units *
850 North Lake Shore Dr, 200 units opened in January Madison Aberdeen Place, 20 & 22 N Aberdeen, 54 units opening in March 1340 S Michigan, 49 units opening in March 73 East Lake, 321 units opening in June Catalyst, 123 N Desplaines, 223 units opening in June 111 West Wacker, 504 units opening in July AMLI Lofts, 850 S Clark, 398 units opening in July 435 North Park Dr, 398 units opening in September The Madison, 1212 W Madison, 216 units opening in October 1000 W Van Buren, 26 units 1615 W Warren, 52 units Scott Residences, 211 W Scott, 71 units
* We’ve estimated opening dates in several instances, and you can expect pre-leasing activities to begin 90 days before first occupancies.
Opening in 2015, 2,057 units **
Arkadia, 765 W Adams, 350 units Wolf Point, 326 N Orleans, 510 units 845 N State, 367 units 220 W Illinois, 188 units Chicago & LaSalle, 295 units 601 W Jackson, 198 units Circa 922, 922 W Washington, 104 units Mod expansion, 1224 W Madison, 44 units
** All of these projects have either begun construction or announced a firm date to begin.
Additional projects totaling several thousand units could theoretically secure financing and building permits in the near future and begin deliveries or pre-leasing activity late in 2015. You can see all of the announced projects on our at-a-glance list of new downtown apartments.
Our numbers differ from those reported by Crain’s because we’ve included a number of smaller projects and estimated different occupancy dates in some instances.
Almost all of the projects that opened last year are offering discounted rent deals. Will we see more and steeper discounts as the year progresses?