Event expected to strengthen ties between Mexico and Illinois to improve foreign real estate investment
• MORe hosted Mexico's national association of real estate agents for one-day event to discuss foreign investment on Monday, May 16.
• Chicago had a record-breaking year in 2015 with $3.27 billion in foreign investment.
• The following day, Tuesday, May 17, there was a four-hour tour of Chicago.
On May 16th, Mainstreet Organization of REALTORS® is hosting the Asociación Mexicana de Profesionales Inmobiliarios (AMPI), Mexico’s national real estate association, for a collaborative event to discuss economic development and international investment for both organizations.
“Global is the new local,” Lynn Madison, MORe President and owner of Lynn Madison Seminars, said in a statement. “Illinois and Mexico have a strong mutual interest in investing in each other’s markets, and we have a commitment to educating our members on best practices for meeting that demand. The relationships that will be formed during this mission will last a lifetime.”
Foreign investment reached a new peak in 2015, according to Real Capital Analytics. In a post reported by Crain’s Chicago Business in December 2015, foreign investment in the city’s real estate had hit $3.27 billion, shattering the previous record of $2.18 billion hit in 2013.
According to the report, foreign buyers took up about 16% of the total share of $20.2 billion in Chicago real estate sales last year. Chicago’s low prices, compared with the big coastal cities, has eyes turning to the Midwest, and the city’s sprawl also makes it easier to build new buildings.
Event covers Chicago foreign investment in and out of the city.
A one-day panel was held at the DoubleTree by Hilton in Rosemont. Filled with three panel sessions, the day covered the ins-and-outs of foreign investment, from Mexico in Chicago.
Illinois Lt. Gov. Evelyn Sanguinetti kicked off the day about the importance of a partnership between Illinois and Mexico. Sanguinetti, the first female Hispanic lieutenant governor in the U.S., discussed the trade mission’s role in spurring more investment internationally between the state and Mexico.
Erik Brejla of the Illinois Department of Commerce and Economic Opportunity discussed Chicago’s modern infrastructure and the overall profile of the Chicagoland marketplace. Aiming to sell the City of Big Shoulders to Mexico foreign investment, the speaker touched on the local job market, professional talent and why the location is an ideal place for their money.
Another panel discussed business transactions in real estate. Led by global experts Vicky Sampah, MORe President-elect Catherine Terpstra and Joe Cwiklinski, the session covered how business is transacted and marketed in the Chicagoland region. Sampah and Cwiklinski are members of MORe’s Global Business Council.
On Tuesday, there was a four-hour tour of Chicago.
“People who attend this trade mission will walk away having made face-to-face contact with someone from over the border and no other interaction can compare,” Marsha Collins-Mroz of MORe’s Global Business Council said. “What makes this partnership with AMPI so innovative is that we’re writing the book on how to make cross-border real estate investment happen in ways that are sustainable and replicable.”