With real estate development surging across America, StorageCafe conducted a study on construction in the 50 largest metros — and among them, Chicago-Naperville-Elgin ranks eighth for growth. The industry blog analyzed construction in U.S. cities across six sectors (single-family, multifamily, office, industrial, retail and self-storage) over the last decade to determine the list.
In Chicago, expansion was powered mainly by the industrial sector. More than 162 million square feet of industrial space was added to the Chicago-Naperville-Elgin metro in the past decade, with 24 million square feet added in the last year alone. Additionally, more than 23 million square feet of office space was added, as well as more than 12 million square feet of retail space.
It’s notable, however, that as residential construction swells in most urban hubs, Chicago’s own residential expansion lags other cities in the study. Just 79,000 single-family homes and less than 85,000 multifamily units were added since January 2012.
The full list, as determined by StorageCafe, is as follows:
3. New York City
6. Los Angeles
7. Washington, D.C.