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Chicago Industrial Absorption Poised for Big Year-Over-Year Gains

Net absorption for Chicago’s industrial market will surpass 27 million square feet in 2020, a 68% increase over the 16.1 million square feet posted in 2019, according to projections by Cushman & Wakefield. It’s expected to equal or surpass 27 million square feet in 2021 as well.

A similar year-over-year increase is expected for new construction deliveries in 2020: 32.3 million in 2020, a 63% increase over 2019’s total of 19.8 million square feet. As with absorption, Cushman & Wakefield predicts 2021 deliveries will come close to matching this year’s total. Chicago ranks fourth nationally for both demand and new deliveries.

Cushman & Wakefield reports that as an intermodal hub in the middle of the country that is fed by West and East Coast ports, Chicago sees demand for industrial product that’s even higher than in other cities. Therefore, the region will see some of the nation’s strongest rent growth.

Pictured: 2770 Alft Ct. in Elgin, IL.

Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.

For comments, questions or concerns, please contact Paul Bubny

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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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