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Chicago & Midwest  + Industrial  | 

Brisk Leasing, Disciplined Building Equal Industrial Success

Among the secrets of the Chicago industrial market’s success is the disciplined approach developers are taking to adding supply. Colliers International reported that the first quarter of 2018 ended with 30 buildings totaling 7.2 million square feet under construction, the smallest amount since 2013.

Of those projects, 17 were infill, according to Colliers. Just six industrial projects broke ground during Q1, while 14 others were completed during the quarter.

The proof, the saying goes, is in the pudding—or in this case, the metrics. Net absorption for Chicago’s industrial sector totaled 4.5 million square feet during Q1, marking the 24th quarter in a row this index has been positive.

Q1 also saw 6.9 million square feet of new leases and lease expansions. This activity, combined with fewer vacant construction deliveries compared to recent quarters, resulted in the vacancy rate improving by 13 basis points to 6.67%.

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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 13-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 15-20 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 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).

  • ◦Development
  • ◦Lease