A report from a global real estate services firm has found that Chicago's industrial market has remained relatively unscathed despite widespread downturns elsewhere as a result of the COVID-19 pandemic.

Colliers International's recently issued report titled "Chicago's Industrial Market Holds Own in Face of Pandemic, Recession" found that, although the Chicago-area's industrial vacancy rate jumped modestly by 26 basis points to its highest rate in two years, the net absorption remained slightly positive and the market saw 14.1 million square feet of new leases and lease expansions being signed during the second quarter of 2020. That amount, according to the report, nearly sets a record for the region, and is second only to the 14.6 million square feet that were signed during the first quarter.

"During the second quarter of 2020, the Coronavirus pandemic changed all of our daily lives – entire states shut down economies, supply chain disruptions took hold worldwide, and confusion and uncertainty impacted every industry, including commercial real estate," report author and Colliers vice president Craig Hurvitz said in the report. "Chicago's industrial market has demonstrated its resiliency during the unfolding crisis."