Construction across Chicago’s industrial market posted a whopping 80.6% increase in the third quarter over Q2, reaching 18.5 million square feet, Avison Young reported. Submarkets with the most inventory under construction are the I-80 Corridor, Southern Wisconsin and the I-55 corridor, which account for 9.1 million square feet or 49% of overall activity.
Southern Wisconsin led the way in quarter-over-quarter change with an 805% increase from 322,173 square feet to 2.9 million square feet. Much of this increase can be attributed to the commencement of construction on Stateline 94 Corporate Park in Pleasant Prairie, WI. The five-building, 1.8-million-square-foot park is being developed on a speculative basis by Venture One Properties.
There were eight properties, totaling 2.6 million square feet, delivered to the market during Q3, Avison Young reported. The average building size was 330,563 square feet. Most of these buildings were built on spec; only two were build-to-suits.
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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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