Why Chicago developers are seeking deals outside the city: It's become common to see them setting up shop in sunnier, faster-growing markets.

Chicago developers are increasingly seeking opportunities outside the city due to challenges in building within Chicago. Factors such as population growth, friendlier political environments, and rising construction costs are prompting developers to expand to markets like Phoenix and Nashville. While some developers see potential in other cities, those who continue to build in Chicago are meeting strong demand for housing, despite regulatory challenges and financial concerns. The city's real estate market is still experiencing rapid rent growth, but to attract more development, Chicago may need to improve its labor market and reduce bureaucratic barriers. [Extracted from the article]