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Chicago Big-Box Industrial Sees Strong Occupancy Gains
Chicago’s big-box industrial market recorded the strongest gain in occupancy in more than two years during the third quarter, Colliers International reported.
Net absorption totaled 6.4 million square feet between July and September, bringing the year-to-date tally to 13.3 million square feet, eclipsing the 10.9-million-square-foot total for all four quarters of 2018.
As a result, the big-box vacancy rate decreased by 10 basis points during Q3 to 8.52%. It’s now 52 bps below the 9.04% rate recorded one year ago.
Colliers says strong new leasing activity and the delivery of six big-box build-to-suit projects totaling 3.7 million square feet was behind the significant gain in occupancy recorded for Q3.
New leases and lease expansions in big-box buildings totaled 4.6 million square feet among 19 leases. Through the first three quarters of 2019, 13.5 million square feet of new leasing volume has been signed.
Pictured: Joliet Logistics Park.
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