Hot 4Q Wraps Up Good Year for Industrials

CHICAGO—Most experts expected the Chicago region’s industrial market to have a good year, and the final numbers are beginning to roll in. New data just published by NAI Hiffman show that in some ways, 2014 was historic. “The industrial vacancy rate improved by 44 bps in 2014, ending the year at 7.95%, the first time vacancy has dipped below the 8% threshold since 2001, 13 years ago,” the company found.

Furthermore, due to the escalating demand developers have dusted off plans put on hold during the recession and begun putting new projects in the ground. “During the fourth quarter, nearly 3.5-million-square-feet of new construction projects were completed,” NAI Hiffman says, “bringing the tally for deliveries in 2014 to just shy of 10-million-square-feet.”