Industrial Improving

Vacancy rates decreased 30 bps during Q4 in Chicago's industrial submarkets, according to stats from NAI Hiffman, the second consecutive quarter of improvement. It was helped by the 1.5M SF of absorption in the Joliet market, including the 860K SF Navistar lease in Cherry Hill. Vacancy fell from 11.8% to 11.5%, 60 bps from its peak at 12.1% last summer, NAI's Craig Hurvitz tells us. 2010 was also the first year since 2007 for positive absorption, with 2.2M SFcoming off the market.
Top submarkets in Q4 included Southeast Wisconsin (with a whopping 2.2M SF coming off the market) Joliet, I-55 (where Duke is developing a new building among the 1.8M SF that was absorbed) and I-88 (1.6 M SF absorbed). Still holding back—The Chicago North and South markets (negative 2.9M SF combined absorption), North Cook (dare we say, losing out to Wisconsin with negative 1.1M SF) and O'Hare (negative 1.1M SF). About 1.6M SF is under construction, mostly in the Joliet submarket.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

New Bears Stadium Proposal Floated For Bridgeport

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

$120M Ambulatory Center Planned For Suburbs: The Chicago Deal Sheet

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Obama Center Shows Chicago Is Starved For Development

Mapped: Major Chicago Office Sales Since 2024

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC