The latest count reveals there are at least 44 high-rise construction projects now underway in Chicago. And, dozens of other high-rise developments – apartment towers, hotels, and office buildings – are currently on the drawing board, or in the planning and approval stages.

In addition to the Loop, the hottest construction neighborhoods include the West Loop and fringe areas – around Bucktown, Logan Square, and Wicker Park – along the Milwaukee Avenue Corridor, also known as the Hipster Highway.

What’s driving this high-rise construction boom? According to research by Marcus & Millichap, corporate relocation, steady job growth, and shifting renter preferences are sparking the record-breaking apartment construction market.

“Corporate relocation from the suburbs to the city is bolstering urban job growth, headlined by the McDonald’s headquarters move announced in June,” Marcus & Millichap noted. Insight Global, Motorola Solutions, and ConAgra are among the other firms making the migration.

These and other businesses are drawing talent from young, highly skilled workers who are attracted to city life. Last year, about 65,400 jobs were created in Chicago, and 60,000 more will join the work force this year.

“Millennials overwhelmingly favor renting over homeownership and seek residences in highly urbanized city cores that offer walkability and a live-work-play lifestyle,” Marcus & Millichap said.

Developers have moved to capitalize on healthy renter demand, and construction has risen to unprecedented levels. Developers will complete 7,500 new apartments in Chicago this year, surpassing the total built in 2000 – that last boom year – by 1,300 units. In 2015, Chicago gained more than 5,800 new apartments, and most of those were completed in the second half of last year. (Right) NEXT Apartments officially opened on September 20 at 347 West Chestnut Street. The 28-story 310-unit luxury rental tower offers apartments ranging in size from 426 to 1,727 square feet, and rents from $1,790 to $6,200.

“Chicago boasts a deep apartment building inventory affording investors with more buying opportunities at better cap rates that can be found in coastal markets,” Marcus & Millichap said. “First-year investment returns average in the low six-percent range metro wide.”

Despite the glowing apartment outlook, Chicago and Illinois’ long-term budget issues and massive debt burdens have economists speculating about the future. Experts say if the apartment bubble bursts it could spark an economic downturn and the Windy City’s downtown development boom could stall.