O’Hare Industrial Making History
O’Hare industrial vacancy rates have fallen below 8% for the first time since 2001 thanks to demand from recent tenants like Power Solutions International and EA Logistics (whose leases total 350k SF, with landlord Hamilton Partners), GlobeSt.com reports. Part of the reason? It’s so tough to find blocks of space over 200k SF.
While Chicago has the third largest US industrial market with 1.2B SF, we’ve gone a long time without rent growth, The Missner Group president Barry Missner told us late last year. Value was created through the capital markets, in spite of the state’s failure to quickly romance e-commerce giants like Amazon. Will big tenant demand ramp up development?