In what is likely a disappointment for Chicago commercial real estate, Cook County Commissioner Brandon Johnson narrowly defeated former Chicago Public Schools CEO Paul Vallas to become the next mayor of Chicago. Vallas, heavily favored by the business and real estate community, started the night with a four-point lead in early returns. But his advantage eroded as Johnson slowly crept back — holding a 15,000-plus-vote advantage with 93% of precincts reporting and more than 90,000 mail-in ballots outstanding, which many analysts expected to swing Johnson's way. 
Although the race was a dead heat as recently as a week ago, in the wee hours of election night, the result was characterized as an upset by local news outlets. Late polling on election eve showed Vallas gaining a slight lead, though it was barely outside the margin of error. …  Read the full story here. | 
