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NAI Hiffman Releases Q2 Industrial Market Report for Metro Chicago

NAI Hiffman has released its Q2 2023 Industrial Market Report – Metropolitan Chicago, an in-depth look at statistics for the Chicago industrial real estate markets. The report’s insights show that Chicago’s industrial fundamentals remain strong despite moderation.

However, economic pressures are expected to have an impact as interest rate hikes and rising construction costs have slowed new groundbreakings and contributed to a pullback from the historic absorption levels of 2021 and 2022.

Chicago had 4.3 million square feet of positive net absorption in Q2 2023, for a total of 7.5 million square feet so far this year., while vacancy remains tight at 4.2% overall despite substantial new supply hitting the market. The Chicago area maintains a robust development pipeline, with 36.1 million square feet currently under construction, almost 80% of which is being built on a speculative basis. 13 Chicagoland submarkets have more than 1 million square feet of development underway. 


Inside The Story

NAI Hiffman

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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