BY THE NUMBERS
CHICAGO—Chicago remains one of the most in-demand big-box markets in North America, according to Colliers International's mid-year review of the sector. A variety of speculative construction projects were completed in the first half of 2017, raising the overall vacancy rate to 7.7% — 40 bps higher than the same time last year. Despite higher vacancy rates, net absorption finished midyear at 8.5 million square feet — up 16% compared to mid-year 2016. The higher vacancy rate hasn't stopped or even slowed down new development. Developers have more than 12 million square feet underway in the region. Eight million square feet of this new space will be in buildings with more than 750,000 square feet, the size range most in demand. The vacancy rate for these products at mid-year was just 2.1% — significantly lower than the 4.4% vacancy rate posted at the same time last year.
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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.
