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Outstate Activity Doubles to Almost $4B

CHICAGO-Germans, Israelis invest in Chicago, according to Jones Lang LaSalle's latest Global Real Estate Capital Report.

By Gina Kenny | Updated on March 12, 2007

CHICAGO-Cross-border transactions here have increased from $1.17 billion in 2005 to $2.1 billion in 2006, a jump of 80.4%, according to Jones Lang LaSalle’s latest Global Real Estate Capital Report released today. According to the latest report, which is issued every six months, there was $900 billion invested in global real estate last year with total transactions in the United States reaching $271 billion, an increase of 32%.

Total transactions in Chicago, in 2006, increased 30% to $16.2 billion from $13 billion in 2005, according to the report. As to the increases in cross-border transactions in Chicago, the economy and “high quality” assets in Chicago are part of the reason for the increase, says a spokeswoman for the company.

Additionally, there has been a change in attitude of global investors from a few years ago, says Steve Collins, managing director of Jones Lang LaSalle’s International Capital Group. “The interesting thing there is Chicago had been maligned for a long time in the capital markets,” he says. Chicago was viewed as a town where “half the city seems to be on the market.” But, attitude changed as “Chicago has always been one of the world class 24-hour cities in the international investors’ eyes,” Collins says.

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