IDI Gazeley recently started this 749,500-square-foot spec at 23700 West Bluff Rd. in the Channahon Corporate Center.
CHICAGO—The Chicago industrial market has been putting up a lot of historic number recently, but 2016 is shaping up to be the best year yet. After falling to its lowest rate in 15 years during the second quarter, the vacancy rate declined another 16 bps in the third, and now sits at just 6.75%, according to Colliers International. Furthermore, even though developers completed another 16 projects totaling 4.6 million square feet, fewer new vacancies were introduced between July and September than during any quarter in the past 15 years.
“This is the golden age of industrial real estate, and by that I mean not only the tremendous expansion of inventory all across the US, especially in the major distribution markets like Chicago, but also that demand is keeping up with new supply in a way I have not seen in 35 years,” Jack Rosenberg, Chicago-based national director, logistics and transportation solutions for Colliers, tells GlobeSt.com.
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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.
