From the Chicago Cubs adding an amazing new clubhouse to 40 new high rise buildings in progress in our area, construction in Chicago continues to be trending upwards. As new construction continues to grow in Chicagoland, statistics are also showing that vacancies in downtown Chicago office spaces are at their lowest levels in almost 15 years. Lenox Hill Construction has been a part of this new growth, recently beginning work on a medical office facility on Dearborn Street.
As new business construction continues to grow, there are certain trends that are of particular notice in the area. These include:
- Commercial Property Sales Continue to Rise
According to Crain’s Chicago Business, sales of office, retail, apartment and hotel properties reached $22.64 billion in 2015, up 44 percent from the previous year. With these properties being acquired by new owners, the opportunity to update, renovate and refurbish existing spaces to meet the requirements of new owners means that the opportunity for construction business in Chicago will continue to rise in 2016.
- Commercial and Residential Construction
$11.3 billion in commercial and residential construction translated to a 2 percent gain over 2014 and the 5th straight year of increases for construction firms in the Chicago area, according to Dodge Data & Analytics. With the continued increases in the apartment and hotel industries, this continued growth will also mean gains for businesses related to the construction industry, including concrete business, which is expected to fuel job gains and other ancillary growth.
- High Rises are Big Business
As of March, 2016, there are 40 high rise buildings under construction in the Chicago area. These high rise construction buildings include a large number of apartments and hotel rooms for downtown Chicago, as well as an increase in downtown office space to meet the ongoing demands for office space in the Loop. While most of the high-rise construction is in the downtown area, there are a number of new spaces that are spread from Hyde Park to Uptown.
- New Construction Projects in a variety of verticals
The boom in construction in Chicago is not limited to simply residential spaces. Lenox Hill Construction has seen growth in a number of different verticals, including recently beginning work on a medical office facility on Dearborn Street. From the new clubhouse and updates to Wrigley Field to additional senior care facility construction in Westmont and other Chicago suburbs, the outlook is very positive for continued construction growth in the Chicagoland area.
If you’re interested in learning more about the wide variety of construction services that Lenox Hill Construction has to offer, contact us at email@example.com or call 800-580-6499 ext. 7.