CHICAGO—Things are getting tight in many parts of the I-55 industrial submarket, but there is still room for some additional speculative development. In fact, Conor Commercial Real Estate, a member of The McShane Cos., has just begun the speculative development of four buildings at its Fountain Square Commerce Center, a new 70-acre, class A business park in suburban Bolingbrook, the only new business park development in the area.

The company has selected Newmark Grubb Knight Frank's Brian Carroll, executive managing director, and Jim Cummings, director, to lead the brokerage team that will lease the new development.

The Fountain Square buildings will have 32' clear ceilings, range in size from 109,088 to 320,532 square feet, and be divisible into spaces of 30,000 square feet or more. The new park also has a 12-acre build-to-suit site.

"Not only will the park give companies an opportunity to be in the hottest submarket for industrial real estate in the Chicagoland area, but companies will also benefit from the park's advantageous location, a myriad of dining, lodging, retail, and nearby recreation and entertainment amenities," says Cummings. "Conor is committed to the market, and thus, has the confidence to construct four of the buildings at one time."

Other developers have had recent success in the submarket. "Speculative development drove second quarter deliveries as four buildings totaling 913,500 square feet were completed, accounting for over 90% of all second quarter completions," according to a mid-year report on the I-55 submarket by Colliers International. "Remarkably three leases were successfully signed in these developments prior to completion, leaving only 411,600 square feet vacant." Furthermore, in the past few months Molto Properties began construction on a 226,090 square foot spec facility in Windham Lakes Southwest Business Park. The company expects to complete it in the first quarter of 2016.

Located along the I-55 Corridor at Remington Blvd. and South Schmidt Rd., Fountain Square offers easy access to several interstates and O'Hare International Airport, Midway Airport, as well as DuPage County Airport.