Commercial Real Estate Is CHANGING Chicago's Neighborhoods

The landscape of Chicago real estate is shifting fast, and the changes in Chicago commercial real estate are playing a major role. Since COVID, office vacancy rates have soared, small businesses have struggled to survive, and skyrocketing commercial property taxes are putting pressure on both business owners and homeowners. Chicago’s beloved neighborhoods—built around vibrant local shops, restaurants, and walkable amenities—are at risk as we see more empty storefronts and stalled developments. But is there hope for a turnaround? Some vacant office spaces are being repurposed, innovative redevelopment plans are in the works, and forward-thinking retailers are slowly making a comeback—placing bets on Chicago’s resurgence. If you want to understand how these shifts could impact your home value, your buying power, and your future in Chicago’s real estate market, this episode is a must-watch. 0:55 - Jump to the Commercial Discussion 24:35 - Jump to the Residential / Mortgage Discussion Key Questions Answered What is the current state of the Chicago real estate market? Why should Chicago home buyers and sellers care about commercial real estate? What plans are being used to repurpose vacant spaces throughout the city? What strategies should buyers use to stay competitive in a fast-moving Chicago real estate market? Expert Guests & Topics Deena Zimmerman (Baum Realty): Discusses the state of Chicago commercial real estate and how new restaurants, shops, and other commercial projects are shaping the unique character of Chicago neighborhoods. Learn how these commercial properties influence nearby home values and what they mean for Chicago’s residential real estate scene. Dan Gjeldum (RATE Mortgage): Covers how current economic policies – including insights on Trump’s policies – might impact the Chicago real estate market. Hear about expected interest rate trends and discover new loan products available to Chicago home buyers today. Find out how these tools can help you seize opportunities and stay competitive in your Chicago home buying journey. Tune in to hear in-depth answers to all these questions and more from our expert guests. Our discussion will help you understand what's really happening in Chicago's real estate landscape right now – and why it matters if you're buying or selling a home in Chicago. Video Chapters: 2024 Chicago Commercial Real Estate Topics ------------------------------------------------ 0:40 - Why Commercial is Important to Chicago Neighborhoods 02:44 - How Chicago Zoning Builds Neighborhoods 05:25 - Current State of Chicago Commercial vs. Other Metros 08:02 - Crime and Tax Impacts on Chicago Commercial 12:21 - Chicago Office Space Update (Vacancies and Repurposing) 19:08 - How Does Commercial Impact Neighborhoods 2025 Chicago Real Estate and Mortgage Outlook ------------------------------------------------ 25:27 - How to be Financially Competitive in the Spring Market 33:33 - How Politics Could Impact Financing in 2025 38:05 - How 2025 Rates Could Impact Buyers 41:12 - Why Waiting for Rates is NOT a Good Idea 42:24 - Mortgage Loan Products That HELP Consumers Compete 47:07 - How to Buy And Sell a Home In Chicago (at the same time) CONNECT WITH CHICAGO HOME PARTNER: Amanda McMillan, Chicago Home Partner [email protected] ☎️ 773.537.1300 🟦 About Are you a first-time Chicago homebuyer, homeowner, or real estate investor? Subscribe to our channel for a front-row seat to current Chicago market trends, local influences on home values, financing tips, and strategies for making SMART real estate moves. As the #1 producing agent in the @properties Bucktown, Amanda is a true Chicago real estate maestro. A data enthusiast, Amanda dives deep into local, national, and financial markets to serve as both an educator and ally to Chicago's home buyers and sellers. CHICAGO REAL ESTATE ACCOLADES: - $50M+ in closed volume annually - Consistently ranked among the Top 1% of Chicago Realtors for volume & transactions - 200+ 5 star reviews on Zillow, Google, and Yelp Beyond Chicagoland, Amanda's connection with Christie's International Real Estate enables her to assist clients worldwide. Whether you're seeking luxury services, buying or selling for the first time, or investing, Amanda's expertise and support are unparalleled.