High interest rates and construction costs have brought condo construction to an end.
A resident works in a shared study room at The Reed, a new condominium and rental building in the South Loop on April 2, 2024.
But the high cost of construction and high interest rates, which are discouraging luxury home sales, have brought large-scale condo construction to an end, Lissner said. Builders have created a few small, boutique condo developments downtown in the past few years that are selling well, she added. But it will be years before downtown will see massive towers such as the recently completed Cirrus in Lakeshore East, The Reed at Southbank in the South Loop and The Residences at The St. Regis Chicago at 363 E. Wacker Drive.
The Reed, center, a new condominium and rental building in the South Loop along the Chicago River, April 2, 2024. A resident lounge space faces a park and the skyline at The Reed, a new condominium and rental building in the South Loop, on Tuesday, April 2, 2024.
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