Spec Construction Starting Up Again In North Suburbs
The vacancy rate among industrial properties in the north suburbs hovers just above the historic low, and developer Panattoni is ready to launch new spec projects.
The company bought three single-story industrial properties in Skokie, and plans to demolish the buildings to make way for a 140K SF spec warehouse/distribution facility on the 7.1-acre site.
Colliers International Chicago’s Chris Volkert represented the sellers of the properties, a 78K SF building at 7515 Linder Ave., a 35K SF building at 7555 Linder Ave. and a 44K SF building at 7520 Long Ave.
According to Colliers' first-quarter analysis, the vacancy rate is just 4.94%, and users looking for at least 200K SF in the submarket have only two vacant options. Only one vacant space between 100K SF and 200K SF is available. The remainder of the available spaces are less than 100K SF.
Panattoni's new Skokie facility will feature 32-foot clear ceiling heights, 30 exterior docks, two drive-in doors and parking for 141. The developer plans to finish the building by the fourth quarter.
The developer recently picked up two other infill sites in the Chicago area — a 9-acre site at 928-960 Wolf Road in Wheeling, and a 7.6-acre site at Rockland Road and Interstate 94 in Green Oaks. The developer plans to build a 162K SF and a 161K SF distribution facility at each location, respectively.
“Users seeking access to the city, surrounding suburbs and O’Hare will find these properties ideally suited for their various distribution needs,” Volkert said.
Panattoni has retained Volkert to market all three projects.