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Chicago & Midwest  + Greater Chicagoland  + Industrial  | 

Near-Term Outlook is Mixed for Chicago Industrial

Chicago’s industrial market set another record during the first quarter of 2020, Colliers International reported. The market saw 14.6 million square feet of new leasing volume, with more than half that total coming from seven leases greater than 500,000 square feet. In comparison, 2019 saw just 10 leases of this size across the region.

However, the Colliers report from Craig Hurvitz asks the question “what’s next?” in view of COVID-19. For industrial, the answer is mixed.

“While commercial real estate is undoubtedly feeling a significant impact due to the coronavirus pandemic and the resulting economic downturn, several industrial occupier types including e-commerce, food and beverage users, packaging companies and healthcare-related industries aren’t as negatively impacted by the stay-at-home directives and supply chain adjustments of the current situation,” Hurvitz writes.

Conversely, Hurvitz says developments already in progress will continue as planned, “but many planned speculative buildings will be put on hold.”

Pictured: Interchange 55 in Romeoville, IL.

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Inside The Story

Download the reportConnect With Colliers’ Hurvitz

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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