CHICAGO—Like many of its counterparts across the US, the Chicago region's market for big box facilities really hit its stride in the first quarter, and the robust demand could set the stage for large scale construction later this year and into 2016.
According to a new report by Colliers International, the vacancy rate among the big box facilities fell from 10.29% at the end of the year to just 9.97%, a decline of 32 bps. And the market recorded about 1.8 million square feet of net absorption in both of the last two quarters. Colliers defines big box facilities as those with at least 300,000 square feet of space, of precast construction and with at least 28' clear heights. The majority of this space is in the I-80 and I-55 submarkets.
Large blocks of space are in short supply, Colliers' research shows. In fact, Clarius Park Joliet Building #1, a 1,000,000 square-foot property at 3851 Youngs Rd. in Joliet, is the only space greater than 750,000 square feet available in the metro area.
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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.
