Industrial Construction Spikes Across Chicago Region
Construction in the Chicago area’s industrial market spiked in the third quarter, with a 61.1% increase over Q2’s 9.1 million square feet, according to Colliers International. The 7.2 million square feet of new builds that launched in Q3 represented the greatest quarterly total since Q4 2016.
Colliers reported that since the current development cycle started in 2013, 374 buildings totaling 95.9 million square feet have been added to the overall inventory. The most development activity has occurred in the I-80 Joliet Corridor and I-55 Corridor submarkets, where 45.6% of the overall completions and 51.8% of the speculative completions have occurred.
Speculative construction accounts for 76% of the 14.7 million square feet of industrial space now under development. However, any concerns about overbuilding are offset by the fact that 65% of the spec space delivered since 2013 has been leased, and this figure has increased in each of the past five quarters.
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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