Chicago industrial saw 23.9 million square feet of deliveries during 2020, representing a new high-water mark for the region, JLL reported. At the same time, 2020 net absorption surpassed 2019’s tally by more than seven million square feet, while vacancies fell below 6% in a cyclical low.
Across Chicago’s 20 unique submarkets, 10 saw their vacancy rate fall below 5% during the fourth quarter. The vacancy rate in the small I-39 submarket stands at 1.3% while the I-55 Corridor has struggled with oversupply and stands at 10.7%, the only submarket with a double-digit vacancy rate.
JLL points out that a handful of companies who have seen increasing demand for their products during the pandemic made strategic real estate decisions during Q4. In University Park, Clorox renewed 1.35 million square feet with LBA Realty and in Channahon, Venture One captured a build-to-suit with Scott’s Fertilizer for 1.3 million square feet.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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