| Q2 looked bright for Chicago's industrial submarkets, showing a 34 bps improvement in vacancy rates across the board. Uline's new 1M SF HQ in Pleasant Prairie, Wis. was the only new construction of the quarter, and the demolition of the 774k SF Centrella Foods building in Franklin Park helped to bring down the amount of space in the market as a whole by 1.4M SF. Colliers Bennett & Kahweiler's David Bercu says he's not expecting a double-dip in the industrial markets and is seeing demand from food and consumer products tenants. Vacancy stands at 11.91%, the lowest since Q4 '07. Total absorption was 2.1M SF, but only 13 of the 21 submarkets had positive absorption. I-80 and I-55 have the highest vacancies. |
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