Bridge Development Filling Up New Specs

Bridge Point 94 Building I, located at 851-899 E. Park Ave. in north suburban Libertyville, is now 49% occupied.

CHICAGO—Industrial demand in the Chicagoland region has been quite strong so far this year, and many think the market can absorb even more space. Bridge Development Partners, LLC, for example, has just signed leases with four tenants totaling more than 246,000 square feet in two industrial buildings delivered in July 2015.

“We absolutely do think it continues to be a strong market to launch speculative products,” Steve Groetsema, principal at Chicago-based Bridge, tells GlobeSt.com. “Not just because of the micro view of the leasing activity that we have seen alone, but because the market really has not been overbuilt whatsoever when you compare how much has been delivered to historical absorption over the last decade or so.”