A lot of excitement is building for JTC’s February 21 webinar, “1031 in 2024: Strategies for Real Estate Investing.” Featuring a panel of expert speakers from the worlds of 1031 and real estate, including JTC’s Justin Amos and Shanaé Mabrie along with Simon Brower of Upstream 1031 and James Huang of eXp Commercial, this unique online event will focus on the challenges of the real estate market in 2024.
It’s been a difficult few years in the world of commercial real estate, with high prices, a lack of inventory, inflation, and recessionary fears all adding to the confusion. Property owners may be unsure if a 1031 exchange is feasible in this environment and what strategies could give them a leg up, which is why the webinar is attracting a lot of interest.
In the full press release, you can read about the webinar details, including discussion topics, how to sign up, and what’s being said about this exciting event. Those looking for answers on what the market is going to look like in 2024 and how to perform a successful exchange in a competitive environment won’t want to miss this opportunity.
To read the press release
https://www.creconsult.net/events/2024-real-estate-1031-webinar/
It’s a growing trend as the office market continues to struggle across the country: developers are turning outdated office space into apartment units. But how strong is this trend in Chicago? Very, according to new research from RentCafe.
In its latest adaptive reuse report released at the end of January, RentCafe said that Chicago ranks fourth in the country in the number of office-to-apartment conversions now underway. The Chicago market trails only Washington, D.C., New York City and Dallas in the number of conversions.
According to RentCafe, Chicago is set to bring 2,822 new apartment units to the market by converting old office spaces into multifamily. Office-to-apartment projects account for 55% of all conversions underway in the Chicago market. Conversions from office to retail stores make up 10.3% of Chicago-area conversion projects, while community centers account for 9.36%.
Many of the office-to-apartment conversion projects in Chicago are significant ones, too. A conversion from office to multifamily at 135 S. LaSalle St. will bring 430 new apartment units to the city. That ranks as the largest office-to-apartment conversion underway.
Other major office-to-apartment conversions include Bell Works Chicagoland, which will bring 375 new multifamily units to the Chicago market, and 30 N. LaSalle St., which will add 349 units.
This isn’t surprising to anyone who’s been following the multifamily and office sectors.
Demand for multifamily housing is on the rise and has been for years. There simply aren’t enough apartment units available to meet the number of renters searching for multifamily space.
At the same time, the demand for office space among companies has dipped thanks largely to the large number of employees who are still working at least part of the time from home. Add to that the demand that many companies now have for higher-quality office space, and the country is left with many older office buildings that are no longer in demand in today’s market.
Converting these spaces into apartment units makes sense. The challenge, of course, is that conversions can be expensive, sometimes too expensive for them to make financial sense. And many office buildings don’t work for conversions because of their location and structural issues.
Chicago isn’t alone in seeing a rise in office-to-apartment conversions. In Washington, D.C., conversions now underway are expected to 5,820 new apartment units, while that number stands at 5,215 in New York City and 3,163 in Dallas.
In Cleveland, conversions underway are expected to bring 2,012 new apartment units, while in Kansas City, Missouri, they are expected to add 1,510 new multifamily residences to the market. That number stands at 1,334 in Minneapolis, 1,070 in Detroit, 1,006 in Columbus and 911 in Milwaukee.
RentCafe reported that from 2021 to 2024, the number of apartments scheduled for conversion from old office spaces increased from 12,100 to 55,300 nationwide.
https://www.creconsult.net/market-trends/office-to-apartment-conversions-chicago/
eXp Commercial continues to build its stable of tools and resources to help its advisors, and the latest addition is Moody’s Analytics CRE.
Moody’s Analytics CRE will offer integrated insights, analytics, and enriched data to eXp Commercial’s advisors through its trusted, validated data, dynamic analytics, and extensive research programs. Moody’s Analytics CRE helps institutions gain efficiencies and drive growth in CRE.
Source: eXp Commercial Adds Moody’s Analytics CRE
https://www.creconsult.net/market-trends/exp-commercial-adds-moodys-analytics-cre/
Aurora/Naperville's 2024 Multifamily Market Overview
As we delve into the Aurora/Naperville multifamily market for 2024, a landscape of evolving opportunities emerges for investors. Key insights reveal a slight decrease in asking rents to $1,823 and a vacancy rate adjustment, presenting a nuanced but optimistic outlook for the sector.
Market Dynamics and Opportunities
Investment Strategies for Success
Furthermore, navigating these market conditions requires a tactical approach:
Engage with eXp Commercial Multifamily Brokerage
Partner with eXp Commercial Multifamily Brokerage to leverage our market expertise and strategic insights. Whether evaluating potential sales or seeking guidance on investment opportunities, our team is here to support your goals in the Aurora/Naperville multifamily market.
Take Action
The Aurora/Naperville multifamily market in 2024 presents a dynamic arena for investors. By embracing strategic planning and leveraging expert insights, property owners can navigate this landscape to optimize their investment outcomes.
https://www.creconsult.net/market-trends/aurora-naperville-2024-multifamily-insights/
301 S Ottawa St Joliet, IL 60436
Marcus & Millichap is proud to present to market two adjacent, fully-occupied buildings on one parcel, consisting of five multifamily units plus a commercial unit (salon). Each tenant pays separately metered gas heat; combined with low taxes and current market rents provides a healthy return for a smaller investment property. A number of very recent capital improvements have been completed including, but not limited to new roofs, upgraded electrical service, gas service, one of two new furnaces and hot water tanks, exterior painting, and off-street parking lot replacement. The unit mix consists of one studio, two one-bedrooms, one two-bedroom, one three-bedroom, and one small recently renovated commercial space occupied by a salon. Each unit has been partial to fully renovated, is on an annual written lease agreement, and current on their rents as of the drafting of this offering memorandum. The property is situated in Joliet, Illinois, approximately 30 miles southwest of Chicago. The property is just south of central downtown Jolie t with convenient access to public transportation, local shopping, and public services. Jolie t is the county seat of Will County and is the fourth-largest city in Illinois. The largest employers in the area include Amazon, AMITA Health Saint Joseph Medical Center, and Will County.
2149-2151 W 119th St Blue Island, IL
Marcus and Millichap is pleased to present to market this fully occupied 10-unit value-add multifamily offering in Blue Island, Illinois, a southern suburb of Chicago. The property consists of two adjacent 5-unit brick apartment buildings each containing four one-bedroom units and one two-bedroom unit. Amenities include off-street parking, storage units, and on-site laundry in each building.
Each unit has written month-to-month leases offering the flexibility to retain these tenants, renew or renovate and release at higher market rents as each unit is approximately $150 below current market rent for the area.
The property is located approximately 16 miles south of Chicago's Loop two blocks from the 119th St Metra Station, 119th Street & Vincennes Bus Stop, and two-minutes from Interstate 57.
