Crossroads 55, a new spec in Channahon, IL, has both more than one million SF and 40' clear ceilings.
CHICAGO—After several years of declining vacancy, rising rental rates, and record-breaking construction levels, the Chicago region's industrial sector might be ready for a temporary pause. The latest statistics released by Newmark Knight Frank show a market that has slowed, but one with enough underlying strength to possibly jumpstart leasing activity later in 2018.
Vacancy increased for the second quarter in a row and now stands at 8.5%, a rise of 40 bps. NKF also recorded 615,000 square feet of positive absorption in the fourth quarter, which was the first time since 2011 that quarterly absorption failed to hit one million square feet. But NKF experts say a modest slowdown at this point in the cycle may not be unnatural.
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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.
