O'Hare is Now a Landlord's Market

CHICAGO—Newmark Grubb Knight Frank just completed a 50,000-square-foot lease at 1240 Garnet Dr. in suburban Northlake near O’Hare International Airport on behalf of Midwest Industrial Funds, the property’s owner. Although the industrial building was vacant when MIF purchased it just last year, this new lease, the property’s second, brings its occupancy up to 100%.

“We got a very good market rent that was a good deal for the landlord,” NGKF’s Adam Marshall tells GlobeSt.com. Although he can’t give details on this particular transaction, he does say that overall the O’Hare submarket is “now a landlord’s market,” and owners like MIF don’t need to grant many concessions to fill up buildings that hit the market.