CHICAGO—Chicago's industrial market continued its record-breaking growth across all fundamentals during the second quarter, with absorption increasing to 6.2 million square feet, up 201% from the previous quarter and about 100% from last year's second quarter, according to Avison Young research.
The overall vacancy rate sank to 6.1%, a decline of 10 bps. Submarkets that absorbed the most space during the second quarter were the I-80 Corridor, I-55 Corridor, and Lake County, representing a combined 3.3 million square feet.
The region's construction boom also continues, Avison Young finds. Developers delivered another 5.4 million square feet in the second quarter, and have an additional 16.1 million square feet under construction. Just over half of those projects are build-to-suit.
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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.
