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Big-Box Vacancies Hit 2-Year Low Across Chicago Region
The vacancy rate in modern big box buildings greater than 200,000 square feet decreased by an impressive 54 basis points during the first quarter of 2019 to 8.53%, said Colliers International’s Craig Hurvitz. That represented the lowest vacancy rate among big box product since Q2 of 2017.
New leases and lease expansions signed between January and March totaled 4.9 million square feet among 23 leases, the greatest new leasing activity total in two quarters. The velocity represented a 31% year-over-year increase when compared to the 3.7 million square feet of new leasing activity recorded in Q1 2018.
Twenty-eight big box projects totaling 13.5 million square feet are under construction, 21 of which are being built on a speculative basis totaling 9.7 million square feet. The market’s largest active development is an 879,040-square-foot speculative facility (pictured) being developed by LFI Real Estate in Monee’s Bailly Ridge Corporate Center.
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