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Chicago Industrial Vacancies Reach 19-Year Low
Industrial vacancies in the Chicago region continued declining in the third quarter, hitting a 19-year low of 4.9% even as developers add supply, says Cushman & Wakefield. The sector is maintaining momentum even amid lingering economic and geopolitical uncertainty.
“As we head into the final months of 2019, signs point to yet another year of growth for Chicago-area industrial activity,” said vice chair Jason West. “Firms like Crate & Barrel, which recently reported that nearly half of its sales are now online, continue to drive demand for large-scale distribution centers with easy access to consumers.
“We’ve already seen more of these big-box deals in 2019 than during the same period last year, and with several others expected to close by year’s end, we’re confident in the market’s ability to absorb the new supply,” West added. The region has seen eight big-box deals through Q3, compared to four a year earlier.
Pictured: Joliet Logistics Park.
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