CHICAGO—In the past few years, the multifamily market has been one of the healthiest sectors in real estate. But with so many developers taking part in the construction boom, it has become more challenging to create unique projects that will attract tenants.
Buildings that claim their own space will be the ones to succeed in an increasingly crowded market, according to Aaron Galvin, chief executive officer and co-founder of Luxury Living Chicago, a boutique luxury brokerage firm. “This really starts with developing an authentic brand, identity and design informed by the surrounding neighborhood and target demographic.”
Midwest multifamily experts have identified several strategies that developers will use in the coming year to create those brands. Amenities, for example, always define new rental communities. But in 2018, rather than cramming in every service or feature they can think of, look for developers to carefully design amenity packages that reflect residents' lifestyles.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
