The Chicago industrial market continued its hot streak in the first quarter, with strong tenant demand from large corporate healthcare, retail and e-commerce businesses supporting activity throughout the market, according to Avison Young’s Q1 2021 Industrial Report.
The surge in demand for last-mile distribution space has pushed activity into infill locations throughout Chicago and some outlying submarkets. Developers are scouring the West Cook submarket, for example, Avison Young reported.
“Chicago’s infill industrial sites continue to be in strong demand, with large developers and investors paying a premium for locations that tie into the city’s strong population base,” said Steve Kohn, principal, industrial service, with Avison Young’s Chicago office. “Many tenants are having challenges finding space in this super low vacancy environment.”
Activity is also increasing across state lines in northwest Indiana. Industrial expansion in northwest Indiana is following a similar pattern of growth in recent years in Southeast Wisconsin.
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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