Foreign investors who caught a taste of industrial real estate last year are craving it in 2016. And that put Chicago at the top of the heap nationwide, according to a new report from Avison Young and Real Capital Analytics.
From Jan. 1 through April 30, foreign investment in Chicago industrial assets accounted for 20 sales totaling $84.3M. That's the most of any major market in AY's report. Only Hartford, CT, with $106M in activity (off one transaction) performed better.
AY principal Erik Foster says Chicago is the epicenter of industrial activity because of its location, superior transportation infrastructure and workforce, making the Second City a top choice for logistics and e-commerce companies seeking space.
Foreign investors now see the industrial sector as a safe haven. Investors pumped $732.3M of capital from January through April in industrial assets nationwide, nearly half of that ($364M) from Canadian interests. Other hot industrial markets include Los Angeles ($66.4M), San Francisco ($65.7M), Cleveland ($57.5M), Columbus, OH ($54.8M) and Miami ($27.7M).
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