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Chicago & Midwest  + Greater Chicagoland  + Industrial  | 
Industrial real estate construction activity in the Chicago area held steady in the first three quarters of 2022

Chicago Industrial Vacancies Stay Flat in Third Quarter

Chicago-area industrial real estate vacancy rates remained flat at the end of the third quarter of 2022, the first time since Q4 2020 that there wasn’t a decline. Newmark’s Amy Binstein attributed this in large part to the 40% of Q3’s 4.8 million square feet of industrial deliveries remaining unleased. 

That being said, both Newmark and Avison Young reported that vacancies remain near historic lows and demand remains strong. Year to date, a total of 31.6 million square feet has been absorbed within the Chicago industrial market and absorption is expected to surpass 2021 levels, reported Avison Young’s Peter Kroner and Kathleen Cavanaugh. 

Construction activity has remained steady throughout the first three quarters of 2022, with a total of 34.6 million square feet under development, according to Avison Young. However, several planned speculative projects were stalled due in Q3 to uncertainty of pricing, timing and exit cap rates.  

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Newmark's BinsteinAvison Young's Kroner

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 GlobeSt.com 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).

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