CHICAGO—Superior Exhibits & Design, Inc. has just renewed their lease on a 93,665-square-foot industrial building at 701-777 Lunt Avenue in Elk Grove Village. The renewal continues a strong run of leasing activity in the submarket that surrounds O'Hare International Airport. According to data just published by Colliers International, its vacancy rate remained steady at 8.44% during the second quarter even though large amounts of vacant space returned to the market.
“The O'Hare market's available industrial supply remained at 11.7-million-square-feet in the second quarter,” Colliers found, “the highest amount of vacant space of any Chicago-area submarket. However, available supply in this market is down a remarkable 2.3-million-square-feet from one year ago.”
Gerald Sullivan, a principal of Paine/Wetzel/TCN Worldwide represented Superior in the transaction. Tom Rodeno, Jonathan Kohn and Matthew Stauber of Colliers represented the building owner, Colony Realty Partners.
Superior Exhibits & Design specializes in the development of museum exhibits, tradeshow exhibits, events, corporate showrooms, retail fixtures and special projects. Their new lease will most likely rank as one of the largest in the submarket during the third quarter. In the second quarter, the largest was a 104,410-square-foot lease by MasTec Network Solutions, LLC at 1351 Irving Park Rd. in Itasca, according to Colliers.
“O'Hare second quarter leasing activity surpassed the 1.0-million-square-foot mark for the third consecutive quarter, with a second quarter total of 1.2-million-square-feet,” Colliers also found. “Although impressive, this marks a 24.6% decline from the first quarter total of 1.8-million-square-feet.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
