Weathering the Storm:
We are in unprecedented times. The state of the market 12 months ago seems like a bygone era. Just a short while ago, the biggest concern was impending rent control. That seems like a million years ago now. In 2020, we are faced with a global pandemic, social unrest and massive unemployment. And yet, Chicago is in phase four of a five phase plan, and some areas of the Midwest are fully reopened. Developers are itching to get their pipelines restarted, while investors sit on the sidelines with piles of cash waiting to see how things will play out. How are these factors impacting the apartment industry across the Midwest?
- How have rental rates, rent payments and occupancy held up since March?
- How is unemployment affecting the outlook for the apartment industry in Chicago & the Midwest?
- Which cities across the region are suddenly more attractive in light of the pandemic?
- Where is development restarting and what can we expect in light of reopenings?
- How has the current situation affected construction costs, availability and timelines?
- In what ways has the pandemic created new opportunities for distressed deals and projects?
Moderator:
- Scott D. Harris, Senior Vice President – Investments, Marcus & Millichap
Panelists:
- Mary Cook, President, Mary Cook Associates
- Derrick Cranor, Partner, Cityscape Residential
- Yale Dieckmann, Managing Director – Development, Greystar
- Michael McLean, Partner, Condor Partners
- Darren Sloniger, President, Marquette Companies
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