CHICAGO—The mood was upbeat yesterday in Chicago when Newmark Grubb Knight Frank welcomed hundreds of brokers from across the country to its annual Industrial Strength Connections Summit. A lunch panel of national players was in agreement that despite minor concerns the sector is not in danger of a slowdown or falling victim to overexuberance.
“There is some weakness in in China and some weakness in Texas,” said Jim Clewiow, chief investment officer of CenterPoint Properties. “But it seems like in general that the market is very strong.”
Don Schoenheider, the Chicago-based senior vice president of Hillwood Investment Properties, a Perot company, said the situation in Chicago was a microcosm of the nation. New construction has boomed, at least in comparison with the years following the financial crisis, but the number of projects started by developers remains modest considering the level of demand. And of the roughly 14 million square feet launched in the metro area this year, about one-half is pre-leased. “We are in no way shape or form overbuilt.”
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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.
