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Chicago & Midwest  + Industrial  |  July 17, 2018
Taurus Investment Holdings has acquired an institutional-quality industrial portfolio across the Chicago, Indianapolis and Cincinnati regions
Paul Bubny
By: Paul Bubny

Spec Industrial Demand Keeps Up with Supply

At 77% of the total square footage, speculative development represents an outsized share of Chicago-area industrial product now under construction, Colliers International has reported. However, judging by leasing momentum, developers aren’t getting ahead of themselves.

Since 2013, according to Colliers, 62% of the nearly 50 million square feet of newly-built spec space has been leased. “This figure has increased every quarter over the past year, indicating that demand for new speculative warehouse space is keeping up with new supply,” the report stated.

The lease-up rate has been higher in some areas than in others. About half of the spec industrial delivered since 2013 has been in the I-80 and I-55 corridors, but the I-55 Corridor’s lease-up rate is higher: 61.6% compared to 46.9% for the I-80 Corridor. Along the I-88 Corridor, 89.8% of the 3.1 million square feet of spec space built since 2013 has been leased.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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