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Originally Posted by the urban politician
As Tom said it's not an office tower, but lackluster job growth really hasn't slowed down demand for downtown living in Chicago. Hotel occupancies and tourism are at all time highs, as are rents/sf. However, there has been talk about a glut of construction for a long time.
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Yeah, people have been hinting at it, but frankly we are still nowhere near the breakneck pace we were at in the mid 2000's. We are going to see about 6,500 units delivered over the next 2 years, about a 3,250 annual rate which is pretty consistent with the average annual absorption since the 1990's. Once we start seeing 6,000+ units a year being delivered then I'll be concerned.