At this month’s Chicago Mastermind Meeting many in attendance expressed concerns over rising construction costs as rates in Chicago are hovering around $350 per square foot. Typically, new construction commences once rental rates hit $20 per square foot in the suburbs. With costs as high as they are, new construction is not happening and causing suburban rental rates to be north of $30 per square foot. There were many suggestions of how to combat these expenses, such as using the tax credits and programs associated with building affordable housing and focusing on facelift construction.