Real Estate Market In Chicago In 2024

CHICAGO, ILLINOIS - MARCH 27: (AUDIO OMITTED) On the fence surrounding a construction site large signs announce the construction of a new multi-use building on West Lake Street downtown in the Chicago Loop on March 27, 2024 in Chicago, Illinois. The Chicago real estate market is still suffering from the effects of the pandemic, as its office space demand kept falling in 2023. The culprit according to the Illinois Policy Institute are the city’s commercial property taxes, which at 3.78% are the second-highest in the country. The retail market however has grown back to 2017 levels with a vacany rate of 4.8% (Lee & Associates 2023 Q4 Chicago Retail). (Footage by ThomPics - SK/Getty Images)