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Chicago & Midwest  + Industrial  | 

Industrial Developers Taking a Disciplined Approach

Leasing volume in Chicago’s industrial sector for the first quarter was up 38.1% year-over-year to nearly 7.2 million square feet, Cushman & Wakefield reported. Nonetheless, the region’s developers took nothing for granted and pulled back on construction starts in the second half of 2017.

With a more disciplined approach to adding inventory, developers now wait for existing space to lease up before starting new projects. Cushman & Wakefield reported just 7.5 million square feet of industrial product under construction at the start of 2018, less than half the 16.7 million square feet underway a year earlier, even as 90% of the 3.4 million square feet delivered during Q1 was spec.

Cushman & Wakefield said the fast start to 2018 leasing is likely to encourage developers to break ground on projects that were proposed, but delayed. They won’t do so indiscriminately, focusing on supply-constrained markets such as Lake County.

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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 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).

Step 1: Select Education
  • ◦Development
  • ◦Lease