MARKETPLACE (pg 21):
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©2022 Real Estate Publishing Corporation December 2022 • VOL.22 NO.6
Year in Review: Challenges and current trends going into 2023 By Mia Goulart, Senior Staff Writer
Chicago-based Structured Development broke ground on Common Lincoln Park (LEFT) and The Seng (CENTER) at The Shops at Big Deahl. The third residence is a 27-story, 327-unit apartment building (RIGHT).
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nflation has impacted all sectors of CRE—and it’s only expected to continue. But just how did each sector round out the year? Illinois Real Estate Journal spoke with several industry professionals to roundup each sector and discuss the outlook for next year. Office Office in Chicago has been slow to bounce back, but the numbers have improved since the beginning of the year, with occupancy up 5–10%. More recently, leasing agents
have experienced lulls in demand, but most people share the same belief: it will come back with a new strategy from both owners and users. Mark Goodman, President of Chicago-based Mark Goodman & Associates, said the key to a successful office building going forward is a well-rounded and unique amenity package, like that offered in newer, higher-quality assets like Fulton Market’s 167 Green Street, a 645,000-squre-foot YEAR IN REVIEW (continued on page 8)
Much more than a building: Ryan Companies bringing the “new wave” of senior living to Chicago By Mia Goulart, Senior Staff Writer
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hen it comes to senior living, the spectrum is vast. From type of building to type of care offered there are hundreds of buildings to choose from, but there are significant gaps in the market, like the lack of market-rate housing and continuum care. Seniors looking for a new home are used to two options: (1) rent restricted, low-income housing or (2) high-end, luxury housing with a large buy-in fee—sometimes $100,000 just to reserve a room in the building. Options are whittled SENIOR HOUSING (continued on page 10)