CHICAGO—The industrial market has tightened up considerably across the region, with the vacancy rate hitting its lowest point since 2001, and few areas are in as much demand as the O'Hare submarket. Several companies have recently completed speculative projects near the airport, and tenants generally snap up space as it becomes available.
Brennan Investment Group, LLC just became the latest to fill up a big chunk of speculative space in the submarket by signing a new lease with Pet Food Experts for 98,785 square feet at its newly constructed warehouse building in suburban Des Plaines at 1780 Birchwood Ave. The lease will commence in the third quarter. A little more than 40,000 square feet remains available.
“We have a couple of active prospects looking at the remaining space,” Scott McKibben, the Chicago-based company's co-founder and chief investment officer, tells GlobeSt.com. The fact that the area's new buildings “have been fairly quickly absorbed into the market” makes him confident that Brennan will soon fill the rest.
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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.
