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The industrial market ended 2014 with a record-low 7.7% warehouse vacancy rate, the lowest in 13 years, according to Colliers data. (Down from 8% in Q3 and 8.7% from Q4 2013.) Vacancy rates have fallen in 12 of the past 14 quarters, according to Crain’s Chicago Business, and now everyone’s wondering how long this supply/demand equilibrium can last. Strong leasing can fuel a spec craze and subsequent overbuilding, but for the time being there seems to be more than enough demand to go around. Developers may have built 11.5M SF last year, but 18.3M SF was absorbed, Crain’s reports.
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