Chicago Leader Hirsh Mohindra: Expertise in Multiple Industries

The commercial property market in Chicago experienced significant shifts in 2023, influenced by economic factors such as high interest rates and restrictive borrowing conditions. These dynamics have notably affected transaction volumes and property values, particularly in the office sector says,  Hirsh Mohindra . Market Performance in 2023 Transaction Volume and Value   In 2023, commercial property transactions in Chicago totaled approximately $5.3 billion, marking a 51% decrease from the previous year. This substantial decline is primarily due to high interest rates and tighter lending conditions, which have impacted both the availability and cost of capital for property investments.   Office Sector Analysis   The office sector in Chicago has faced particular challenges. The average sale price per square foot for office space fell by 42% year-over-year to $130.25. Total office sales volume for the year was $290.6 million, with only 12 significant transactions record...