245067 Chicago 2
User Manual: 245067
Open the PDF directly: View PDF 
.
Page Count: 2
Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute.
Investment Trends
Quarterly
105
Demographics & Economics
Population Unemployment Rate
Chicago MSA 9.8 million Chicago29.4%
Chicago Growth10.98% Illinois29.4%
National Growth11.23% National38.6%
Household Income & Value
Per Capita Income $31,743 2008 Households 3.5 million
1-year Job Growth -1.30% Household Growth 0.94%
1-year Job
Additions -59,100 Median Home Price $217,800
Major Employers
Johnston R. Bowman Health Center
U.S. Post Office
University of Chicago
Deloitte
CNA Financial Corp.
Sources: Bureau of Labor Statistics, NAR, STDB Online.
“2008 Local Market Report” - Chicago Region ©2008 NATIONAL ASSOCIATION OF REALTORS®. Used
with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic
media included) is prohibited without written permission.
1Projected annual growth over 5 years (2008-2013). 2Rates are non-seasonally adjusted as of March
2009. 3Rates are non-seasonally adjusted as of April 2009.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
2 Lincoln Center 1-09 $60,200,000 252,594 $238
FBI Regional HQ 1-09 $170,000,000 429,728 $396
Industrial
7351 S. 78th Ave. 1-09 $14,000,000 137,700 $102
948 Meridian Lake Drive 1-09 $23,400,000 595,000 $39
Retail
1925 N. Lincoln Park W 2-09 $1,600,000 13,500 $119
606 Randall Road 1-09 $20,100,000 138,212 $145
Apartment
Squire Village Apartments 2-09 $16,100,000 181 $88,950
Farcroft 1-09 $8,100,000 86 $94,186
Compiled by RERC for the
RERC/CCIM Investment Trends Quarterly
report.
Market Construction/Redevelopment Activity
Property
Type New(N)/
Refurbished(R) Total Sq.
Ft./Units Estimated
Delivery
215 W. Washington St. Multifamily N 389 2010
208 S. LaSalle Hotel R 610 2010
Preferred Freezer
Services Warehouse Industrial N 175,000 2010
Park Huron
Apartment Tower Multifamily N 221 2010
The Metropolis Retail N 123,000 2010
Sources: CBRE,
RE Business.
Chicago
Metro Trend Analysis
Previous
Quarter
Previous
Year
Office
Size-Weighted Average PPSF
Weighted Average Cap Rate
Industrial
Size-Weighted Average PPSF =
Weighted Average Cap Rate
Retail
Size-Weighted Average PPSF
Weighted Average Cap Rate
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison*Current Quarter
Office
vs. Midwest Region =
vs. Nation
Industrial
vs. Midwest Region
vs. Nation
Retail
vs. Midwest Region
vs. Nation
Apartment
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.
Source: RERC, 1Q 2009.
Revised July 1, 2009
Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute.
Investment Trends
Quarterly
106
Chicago Transaction Breakdown
12-Month Trailing (04/01/08 - 03/31/09)
Office Industrial Retail Apartment Hotel
< $5 Million
Volume (Mil) $66 $299 $300 $91 –
Size Weighted Avg. ($ per sf/unit) $127 $50 $157 $60,652 –
Price Weighted Avg. ($ per sf/unit) $153 $70 $234 $76,346 –
Median ($ per sf/unit) $114 $62 $149 $59,355 –
> $5 Million
Volume (Mil) $1,576 $854 $619 $577 $148
Size Weighted Avg. ($ per sf/unit) $167 $47 $187 $112,247 $125,296
Price Weighted Avg. ($ per sf/unit) $202 $65 $277 $185,184 $260,990
Median ($ per sf/unit) $161 $62 $246 $87,083 $84,664
All Transactions
Volume (Mil) $1,642 $1,153 $918 $668 $160
Size Weighted Avg. ($ per sf/unit) $165 $48 $176 $100,584 $112,461
Price Weighted Avg. ($ per sf/unit) $200 $66 $263 $170,348 $245,067
Median ($ per sf/unit) $125 $62 $165 $72,619 $68,966
Capitalization Rates (All Transactions)
Weighted Average (%) 8.0 7.8 7.3 6.6 –
Median (%) 8.0 7.8 7.5 6.7 –
Source: RERC.
Chicago Transaction Trends
12-Month Trailing (04/01/08 - 03/31/09)
Office Industrial Retail Apartment Hotel
Median Price
% Change Quarter Ago -6% -3% -6% -5% -24%
% Change Year Ago -17% -1% 1% 2% -36%
Volume
% Change Quarter Ago -35% -22% -54% -41% -68%
% Change Year Ago -80% -60% -79% -72% -94%
Source: RERC.
Revised July 1, 2009
