Local commercial sales approaching record high

It’s been a big year for Chicago commercial real estate deals.

Investors spent $16.3 billion on local commercial properties during the first nine months of the year, the most for that period since 2007, according to data from Real Capital Analytics, a New York-based research firm.

Deal volume year-to-date through the third quarter was 32 percent higher than during the same period last year and will reverse a two-year downward trend for local commercial property sales, Real Capital data show.

The sales of office, retail, apartment, industrial and hotel properties are approaching their highest collective mark since 2015, when the market—helped by a $1.3 billion sale of Willis Tower—notched a record high $23.3 billion in deals.

It’s an illustration that investor appetite in the market hasn’t been fully satiated for the current real estate cycle and that landlords continue to cash out as prices have surpassed their pre-recessionhighs.

Continue reading full article on Crain’s Chicago Business.