CHICAGO—The Chicago's industrial market really hit its stride in the first quarter, and the next three months saw leasing accelerate, reaching a historic level of activity and filling up all of the region's large vacancies, according to a new report by Colliers International.
The vacancy rate among the big box facilities fell from 9.97% in the first quarter to just 9.31%, a decline of 66 bps. And the market recorded about 4.9 million square feet of net absorption, a significant jump over the roughly 1.8 million square feet in the first quarter. And “at 5.2 million square feet leased, the second quarter volume posted the largest level recorded in our tracking period, (which started in 2011),” according to the firm.
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 Chicago region's big box inventory consists of 256 facilities totaling 143.87 million square feet. The majority of this space is in the I-80 and I-55 submarkets.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
