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| Aaron Galvin |
CHICAGO, IL
-- The accelerated growth of the multifamily market over the last several years
has some in the industry wondering how long it can last. Yet demand for new apartments
is projected to continue into the next decade, according to the National
Multifamily Housing Council.
Research
indicates a need for 328,000 new units every year through 2030, for a total of
nearly 4.6 million, but the industry averaged only 225,000 completions annually
from 2011-16.
Buildings that claim their own space will be
the ones to succeed in an increasingly crowded market, according to Aaron Galvin, CEO 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,” said Galvin.
For more information on this preview,
please contact:
Kim Manning,
kmanning@taylorjohnson.com, (312) 267-4527
Abe Tekippe,
atekippe@taylorjohnson.com, (312) 267-4528
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