New development will slow down somewhat in 2018, and be outpaced by net absorption. Chart by Marcus & Millichap.
CHICAGO—The road to recovery has been a long one for the Chicago region. But the explosion of demand for industrial product in the past few years, mostly to due to the rise of e-commerce, has fully revived the sector. A new forecast by Marcus & Millichap says the vacancy rate will sink to just 5.9% this year, the lowest in a decade.
What's remarkable is that will be after developers completed tens of millions of square feet of new product in just three years, including 25 million in the I-55 Corridor near Joliet alone. But this revival has spread far beyond that traditional distribution hub.
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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.
