BY THE NUMBERS
CHICAGO—The Chicago region's industrial market remained quite strong in the second quarter of 2018, according to a new report from Newmark Knight Frank. Although vacancy increased 10 bps to 8.1% and absorption totaled 4.1 million square feet after hitting 7.1 million at the same time last year, rental rates reached a new record of $5.38. NKF attributes part of the rise in vacancy to the completion of about two million square feet of speculative space, including the 1.2 million square feet Rock Creek Logistics Center in Joliet. “Availability has dropped by 4.8 million square feet since the end of 2017, indicating that some of the newly delivered space is being taken,” NKF notes.
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*May exclude premium contentBrian 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.
