Chicago 2025 U.S. Real Estate Market Outlook Midyear Review

Market Overview

Chicago continues to lead the nation in multifamily performance in 2025. Rent growth stands at an impressive 5.5% for markets with 100,000+ units, powered by historically low incoming supply and absorption that significantly outpaces deliveries—earning Chicago the position of third-lowest vacancy among large metros. Investment momentum remains strong, with gateway market investment volume up 18% year-over-year and Chicago representing 27% of total U.S. multifamily investment in Q2.

About CBRE

CBRE is the world’s largest commercial real estate services firm, operating across more than 100 countries. The company offers a full suite of services including leasing, capital markets, valuation, property management, and advisory. CBRE’s market outlooks blend deep data analysis with local intelligence to equip investors, developers, and stakeholders with actionable insights across property types and markets.