Strength in Numbers
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|Industrial vacancy rates have skyrocketed to 12.5%, highest since the mid-2000s. But Cushman & Wakefield's Britt Casey, Linda Biedron, Mike Hawryluk, and Al Caruana have kept leasing numbers up by specializing in geographic areas and skill sets.|
|Over the last year, the team has repped ProLogis in the lease of 150k SF in a new spec building, plus an 80k SF lease for Houghton Mifflin in another. They also sold a five-building, $40M portfolio to Lincoln Properties in Addison and are now listing the properties. Britt and Linda first worked together at Grubb & Ellis in 1994 and found that teamwork suited them. They added Mike, then Al, when they moved to Cushman in 2001. Al specializes in the O'Hare submarket, while Mike handles Central and Northeast DuPage. Britt is in charge of the bigger picture, and Linda helps keep everyone focused by producing marketing materials and coordinating the team.|
|Britt says that lack of new construction will help fill up buildings. Of the last 26M SF of new construction in the Chicago industrial market, (built mostly in 2005-2006), 49% remains vacant, Britt points out. He wants to add two more brokers to his team over the next two years to increase its reputation for submarket expertise.|