CHICAGO—The Chicago region's industrial market has been expanding at a remarkable rate for several years now, with vacancy rates continuing to decline or hold steady even as developers create millions of square feet of new inventory. And some firms are beginning to look ahead and prepare for the day when users need to expand into new areas or submarkets.
Molto Properties, an Oakbrook Terrace, IL-based developer, had a flurry of activity in the last month. One of its moves was to purchase 79 acres of vacant land located along McLindon Rd. in Minooka, IL. Three or four other developers have also acquired land nearby, and Mike Powers, senior principal and chief investment officer at Molto, tells GlobeSt.com that the area should be an attractive location for logistics firms, especially larger regional or national distributors.
“There has definitely been a lot of new supply entering the market in the past couple of years,” he says. But “supply and demand seem to be closely matched up,” and conditions should remain relatively healthy in 2017 and 2018.
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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.
