The Multifamily Housing Market in Chicago, the Importance of Market Research and the “Next West Loop” with Jon Morgan of Interra Realty

On this episode of Real Estate for Breakfast, host Phil Coover is joined by a fellow champion of Chicago, Jon Morgan. Jon is co-founder and managing principal of Chicago-based Interra Realty, and he and Phil begin their conversation by discussing Interra’s formation to its emergence as a middle-market commercial real estate brokerage focusing primarily on multifamily asset sales. During the episode, Phil and Jon reminisce on the 2008 recession and how it differs from today’s market conditions, especially concerning the level of control banks previously had on real estate. Now that the real estate market is so volatile, Jon ensures that research is an integral part of Interra’s philosophy. Jon says he and his colleagues track the market weekly and stay in constant communication with clients to effectively take advantage of fluctuating market conditions. Jon also explains how the multifamily market has managed to stay lucrative despite seesawing trends spurred by the pandemic. He points out that retailers are now starting to participate in the multifamily space because it keeps pace with inflation, making it a prime investment opportunity. As fellow Chicagoans, Phil and Jon do not forget to pay homage to the city by highlighting Chicago’s phenomenal restaurants, major sports teams and growing tech scene. As the two discuss prominent Chicago neighborhoods such as the West Loop, Phil capitalizes on Jon’s knowledge of economics to get him to reveal what he believes the “next West Loop”, or at least an up-and-coming area of Chicago. Jon Morgan began his career in real estate in 2004. Since then, he has been involved in more than $1 billion in transactions, including apartment buildings, retail properties and ground-up developments. Jon co-founded Interra Realty with David Goss in 2010 to create a different kind of brokerage firm, one built on trusting relationships with buyers and sellers and hyperlocal, block-by-block expertise. This, coupled with Interra’s commitment to client service, has helped the company to establish many long-lasting relationships, fuel its meteoric growth and become a destination for talent and the training of up-and-coming brokers. As Chicago’s top middle-market brokerage, Interra now handles almost one in five sales of apartment buildings up to 100 units, according to CoStar. Learn more about Interra here: https://interrarealty.com/