CHICAGO- The United States Federal Reserve Board just released its “Beige Book” analysis of economic conditions from late February to early April and gave the Chicago and Midwest regional real estate markets somewhat better reviews than in recent months. “Commercial real estate conditions also continued to improve,” the Fed researchers found, “with rents increasing and vacancy rates decreasing.” In January, the Board stated in that month's book that “construction and real estate activity was mixed in late November and December.” And its March report again called real estate activity “mixed” for the previous two months.

To produce the “Beige Book” Fed economists conduct a series of informal talks with key business contacts, economists, market experts and others in each sphere of economic activity and publish the anecdotal results eight times a year.

The Fed analysts stated this time that “demand for residential construction rose, reflecting both continued strength in multifamily construction and an improving single-family housing market. The gains have helped buoy confidence among homebuilders. Development of single-family homes in urban areas picked up some after years of limited activity.”