Chicago closed out 2017 with 47 high rise buildings under construction. Just 8 of those 47 properties contributed over 2,000 apartment units!
When you look at the map of all the building locations it is easy to see why you cannot drive down a street downtown without seeing a construction crane.
Chicago is in a state of constant construction with new options opening up each month, so how do corporate housing companies determine where to acquire inventory? What luxurious and amenity-loaded properties will our clients most respond to with so many to choose from?
Suite Home looks at a number of criteria to narrow down to our ideal buildings, these include:
Location Location Location- Building options should be near multiple corporate offices, public transportation, grocery and convenience stores, dining and retail options, and cultural attractions.
Amenities- Clients have come to expect a washer/dryer in unit and fitness center on site, these amenities are almost a given now. Because of the increased options, building communities are competing to offer the newest and best apartment and community amenities. Our clients are pleased to see many apartments now boast hardwood floors, floor-to-ceiling windows, walk-in closets, designer kitchens with stainless steel appliances, and more. Most new construction buildings now resident theaters, yoga/spin studios on site, full concierge services, outdoor pools and sundecks, unique offerings like golf simulators, pet-friendly areas and amenities, and plenty of lounge and relaxation space both indoor and out.
Flexibility- The average stay for our corporate clients is approximately 60 days, so we look for partner properties that will consider a mix of short and long term leases. We also look for variation in terms of apartment size and layout to accommodate our clients’ unique needs.
Management Cooperation- While we have a robust local team on the ground, often the on-site property team is our eyes and ears. We need all parties be on the same page when it comes to welcoming guests to the property and making them feel at home over the course of their stay.
Parking- Ahhhhh…parking. Parking is a challenge for downtown locations with great demand, and short supply. We choose properties that have access to parking either on site or nearby, but important to remember it’s always first come, first serve!
Doing our due diligence selecting buildings is time and labor intensive, but it more than pays off when it comes to the long term satisfaction of our clients.
Want to learn more? You can check out our properties pages, or contact us 312.638.0891 or [email protected].