CHICAGO—Colliers International has decided to take a deep dive into the statistics on the region's industrial market. One of the chief aims was to get a better handle on what is happening with all of the speculative space recently completed by developers. And what researchers found should, at least for now, boost the confidence of anyone interested in the market.
“A lot of brokers have been calling us and asking questions,” Craig Hurvitz, vice president, market research at Colliers International in Chicago, tells GlobeSt.com.
That's understandable. Ongoing industrial construction activity increased to a record 19.4 million square feet during the third quarter, up from 16.7 million square feet in the second. “That's the most we've ever seen, at least since we started tracking these numbers in the late 90s,” he says. And speculative development accounts for 8.7 million square feet, or 44.7% of the 61 total projects underway in Chicago's industrial market, with build-to-suit projects and buildings expansions making up the remainder.
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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.
