Most buyers are still spooked by uncertainty around tax reassessment, experts said
The year’s two biggest office tower sales have been announced in recent weeks, but Chicago investment sales brokers don’t believe it’s a sign that the market is roaring back.
Earlier this year, investment sales of office buildings in the central business district dropped to a 20-year low, with only two sales recorded in the second quarter and six in the first quarter. The slowdown has been attributed to the uncertainty surrounding commercial property taxes under Cook County Assessor Fritz Kaegi. That uncertainty is causing some investors to be more cautious, particularly in parts of the city where it might not be as easy to pass real estate tax increases on to the tenant, said MB Real Estate’s Kevin Purcell....
RSK: This is good news.
Ken Notes: Even better news, if there is a change in administrations next year the wealthy will be looking for a place to shelter their wealth and real estate will be a good bet. Of course it you wait until after the "fall" you will be among many seeking these dollars. I suggest we start talking about the opportunities available in the market NOW, Educate your investor on, OZs, TIF supported projects, REITs, Affordable Housing, entertainment / destination project, co-working, storage, warehousing and the last mile, and much more. Ralph and I can help call us...
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- - Volume: 7 - WEEK: 44 Date: 10/29/2019 6:52:42 AM -