The sentiment among Chicago real estate professionals trends toward concern for the balance of 2022 but more optimistic for 2023 as headwinds gain momentum locally and nationally. At the same time, local issues are raising concerns. 

According to the Chicago 2022 Mid-Year Sentiment Report from The Real Estate Center at DePaul University and Urban Land Institute Chicago District Council, nearly 65% of CRE professionals said they’re either bearish or trending toward concerned when assessing the state of the market in 2022’s second half. However, 50.9% are bullish or optimistic about market conditions next year. 

With an abundance of economic and geopolitical issues shaping market perceptions, the harsh realities influencing the sentiment in Chicago at midyear 2022 include continued Chicago/Cook County property tax uncertainty and the increasing realization that crime respects no city or suburban boundaries. One CRE executive observed, “You can underwrite property taxes, but you can’t underwrite crime.” 

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