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Fulton Market apartment market heats up, but slowdown could be on the way

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Fulton Market has emerged as one of the nation’s hottest office markets, residential towers are now rising alongside its office buildings

A new residential tower, The Dylan, at 160 N. Morgan St. in Fulton Market on May 15, 2023.

Developer Sterling Bay and its partner Ascentris just unveiled Fulton Market’s newest apartments, a 282-unit building at 160 N. Morgan St. called The Dylan, and company officials say they expect it to quickly fill when leasing begins this summer.“It’s an opportunity to live in the heart of it all,” said Amy Wexler, chief marketing officer for Sterling Bay.

Fifteen new office developments totaling more than 3 million square feet were added to Fulton Market in the past three years, with new tenants, including many from the central Loop, filling up spaces as they opened, according to Colliers International, and it’s also one of the few areas expected to continue seeing falling vacancy this year.

The Dylan includes a host of amenities common to new residential towers in the neighborhood. Tenants will have access to a 29th floor rooftop pool deck with cabanas, fireplaces, coworking facilities, and another amenity deck atop a brick masonry podium.That’s roughly the pace other developers have seen at new Fulton Market apartments.Greystar opened its One Six Six, a 223-unit apartment building at 166 N. Aberdeen St.

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