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Industrial Spec Starts Reach All-Time High
Amid another record-breaking quarter for Chicago industrial leasing, speculative construction in the region for the year’s first half reached the highest H1 level since CBRE began tracking it, according to the firm’s latest report. Year to date, there has been 6.6 million square feet of spec starts, double the historical average of 3.1 million square feet.
Eighteen industrial projects were completed during the second quarter, totaling five million square feet. Of that total, 56% was still available at the time of completion.
Two completions in the Joliet submarket were over one million square feet each: Ikea’s build-to-suit in Joliet, and the Crossroads 55 spec project in Channahon (pictured).
Meanwhile, Q2 represented the 32nd consecutive quarter of positive net absorption in Chicago’s industrial leasing market. The quarter ended with 5.2% availability, a decline of 20 basis points from Q1 and the lowest since CBRE began tracking the market in 1996.
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