Industrial Report Card
Industrial has seen a nice uptick across almost all size ranges in the past 60 days, which is why we’re holding a special Industrial Summit Thursday to explore these tailwinds. (Hopefully someone bought a warehouse to hold all the new bathing suits we're gonna buy once we get our diet started.) Cushman & Wakefield executive director Britt Casey, one of our speakers (behind the wheel, above), tells us everything’s picking up but the mega boxes (300k-plus SF), which are still spotty at best, despite some nice new supply sprinkled throughout the metro area. Overall, Britt says the market activity is healthy and will bring price inflation and a reduction in concessions as multiple companies start chasing the same space. Looking at his recent deals, Britt says traditional warehouse and distribution users are big players, along with a sizable amount of manufacturing and assembly operations.
While national and regional firms are less enamored with Illinois thanks to its fiscal issues, his team repped a big exception, Method, last year, and hopefully more will follow. After a four-state search, the eco-friendly cleaning products-maker settled on an industrial site within the Pullman historical district on Chicago's Southeast Side for its $30M LEED Platinum US manufacturing HQ (above, think wind power, a green roof, free laundry for the community, etc.). Recently in Carol Stream, Britt leased 185k SF to Diamond Marketing Solutions and 90k SF to Ingram (both in TA Associates Realty buildings). An avid stock car racer in the pro Trans Am series, Britt is swelling with pride because his 16-year-old was just picked up by Freedom Autosport as the youngest driver in the pro IMSA series. Get your event tix here!