Captains of Industrial
The Chicago industrial market is seeing falling vacancies, rising rental rates, and a lack of Class-A supply, which all fuel spec construction, a sure sign of a market upswing. That's why we're excited to bring you Bisnow's third annualChicago Industrial Real Estate Summiton Tuesday, May 21, where experts like CBRE managing director Chris Zubel(who leads both the firm's Chicago industrial group andSchaumburg office) will share observations and perhaps some golf tips.He says activity from consumer goods companies is evidence that people are spending money on home goods. (Toasters are flyin' off the shelves!) Recent deals: 260k SF for Prologis at 971-991 Supreme Dr in Bensenville, as well as build-to-suits for Weiss-Rohlig and Yusen Logistics in Elk Grove Village.
One of our event moderators will be Liston & Tsantilis partner Brian Liston. Brian (above, an Academic All-Big Ten guard at Purdue who knows how to keep his head on a swivel) is optimistic about the market but advises preparation, preparation, preparation with development calculations, incentives, and costs. "Down to the nickel," he says. (Don't forget to factor in the state's ever increasing tax rates, he adds.) Hot areas for industrial: infill within the city, Will County, and Lake County for development. Brian notes that freezer/cooler companies have been very active (who has time for home-cooked meals these days?), along with logistics and more warehousing for freight forwarding of products.