Search
 

Half-Year Chicago Industrial Activity Just Short of Last Year

Q2 real estate activity hits 6.1 million sf.

By Bonnie Grota | Updated on July 28, 2000

CHICAGO—Sales and lease transactions totaled 6.1 million sf during second quarter 2000 in the Chicago-area industrial market, boosting gross absorption for the year to 15.1 million sf, according to a newly released CB Richard Ellis report. First-half absorption in 1999 was 15.7 million feet and the five-year average for the period is 18.7 million sf.

Lease transactions, primarily in the warehousing sector, accounted for more than 12 million sf of first half activity. Strong demand, which has gone hand-in-hand with the strong economy, has been given an added push in the Chicago area by the expansion of logistics companies and retail and E-commerce expansion, according to CB Richard Ellis.

The overall vacancy rate for the Chicago industrial market, encompassing a 949-million-sf property base, declined slightly in Q2 to 7% from 7.1%, according to the report. Breaking out larger properties (100,000 sf and greater), the vacancy rate decreased to 7.3% from 7.5%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.