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Chicago-Area Industrial Development Reaches New Peak in Q3
Industrial developers stepped on the accelerator during the third quarter of 2022, starting construction on 48 Chicago-area projects totaling 17.2 million square feet, a level 32% greater than the previous record of 13.1 million square feet of construction starts introduced in Q2 2020, Colliers reported. Ninety-six percent of this space is being developed on a speculative basis, none of it pre-leased by tenants.
Twenty-eight buildings totaling 8.6 million square feet were delivered during the quarter, the third greatest quarterly completion total in the market’s history. Eighty-seven percent of this space was spec construction, and was 44% pre-leased at the time of delivery.
Despite strong completions, the record total of construction starts caused the total space under construction to surge to 37.5 million square feet, 25% greater than the previous record amount of 30.1 million square feet under construction recorded in Q2 2021.
Pictured: A Seefried Industrial project in Monee, IL that broke ground during Q3 2022.
- ◦Development
