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41 per square foot in the second quarter of 2021, up from the former record of $3. 31 per square foot 2 years previously. And, at least one new deluxe high-rise rental structure is charging and getting $4. 20 per square foot. In spite of the lofty leas, downtown apartment leasing in the very first half of 2021 ran ahead of the normal volume for an excellent year, says Ron De, Vries, senior managing director for Integra Realty Resources.

Nadine Shehaiber

Also, the city's robust tech task market is attracting out-of-towners who wish to sign a downtown lease as workplaces start to re-open. (Left) Park Place Condominiums south of A. Montgomery Ward Park. Residential movings in the very first half of 2021 represented nearly 50 percent of the new spring leases downtown 35 percent were move-ins from out-of-state and 15 percent originated from the suburbs, reported Luxury Living, a company that handles leasing for about 3,000 Loop apartment or condos.

Coincidently, the pandemic triggered the getaway travel market to shrink, stimulating an anxiety in downtown hotel room leasings. Meanwhile, This Is Cool is reported in Airbnb rentals in safe, well-located walk-up structures. "Many Chicago travelers are choosing personal houses and well-appointed houses over downtown hotels as the travel industry rebounds," noted Real estate agent Sara Benson (right), president of Chicago-based Benson Stanley Real estate, who works with owners of income residential or commercial properties.

After a miserable sales pace in 2020, year-to-date condo and townhouse sales downtown are running ahead of 2019. The Chicago Association of Realtors reported in August that 654 Loop apartment and townhouse systems were sold in the very first 7 months of 2021. That's a 51 percent gain over the exact same period in 2019.

The Chicago Association of REALTORS® Foundation - Chicago Association of REALTORS®

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In 2020, the pandemic, riots, and social discontent almost shut down the downtown apartment market, developing an over-supply of listings. However, Real estate agents state in 2021 there still are bargains to be had because costs have actually not yet reached pre-pandemic levels. Regardless of the rebound, condominium and townhouse sales on the Gold Coast and Near North Side still are running about 25 percent behind 2019.

"It's mainly because of crime, primarily carjacking and smash-and-grabs near Michigan Opportunity," noted Jim Kinney (left), a veteran Baird & Warner broker.