Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Big-Box Vacancy Improves for First Time in 2 Years
Connect Industrial is coming up on July 11 in Chicago. Here’s a link for more information about the conference and to register.
The vacancy rate for the Chicago market’s big-box industrial product saw its first improvement in two years during the first quarter, according to a report from Colliers International VP Craig Hurvitz. The decline of 41 basis points brought the vacancy rate to 9.23%, as Q1 ended.
Speculative construction that delivered vacant resulted in a steady uptick in vacancies over the past two years, even as net absorption remained positive, according to Hurvitz. Q1 saw the smallest amount of new product completed since the same quarter in 2016, while the amount of space under construction is about one-third what it was a year ago.
Twenty new leases were signed in big-box buildings during Q1, totaling 3.7 million square feet. This represented the greatest quarterly volume of new leasing since Q4 2016.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Lease
