Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13

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Industrial Vacancies Tick Down to 17-Year Low

Net absorption in Chicago’s industrial market has been positive for 26 consecutive quarters through Sep. 30, and is poised to make it 27 quarters in a row, according to VP Craig Hurvitz at Colliers International | Chicago. With leasing velocity up for the second quarter in a row, the sector posted its lowest vacancy since 2001, ticking down four basis points to end Q3 at 6.4%.

If vacancies reached a cyclical low during Q3, then development hit a couple of highs. Q3 saw 26 industrial projects totaling 7.2 million square feet get underway, the greatest new construction total since 2016. It also meant a 61.1% quarterly increase in the amount of square footage under construction.

The current development surge is expected to continue through year’s end before tapering in Q1 2019. It’s expected to be particularly prevalent in infill locations, with developers focusing on mid-sized speculative facilities, according to Hurvitz.

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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).

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