The industrial sector in Chicago is setting records.
"Chicago’s industrial market continued its record-breaking growth across all fundamentals during the second quarter, with absorption increasing to 6.2 million square feet, up 201% from the previous quarter and about 100% from last year’s second quarter," reports Brian J. Rogal.
Rogal shares those findings from a recent report by Avison Young, which also found that the "overall vacancy rate sank to 6.1%, a decline of 10 bps. Submarkets that absorbed the most space during the second quarter were the I-80 Corridor, I-55 Corridor, and Lake County, representing a combined 3.3 million square feet." Industrial construction also achieved new heights, according to the report. "Developers delivered another 5.4 million square feet in the second quarter, and have an additional 16.1 million square feet under construction."
The article includes more details about some of the specific project driving the boom, along with the long-term health of the market once the sector passes an expected "high-water mark."
Planetizen picked up on news in August 2016 of Chicago's strong industrial sector, especially in construction of warehouses for online shopping and shipping businesses.
Read the full story: Record-Breaking Growth Continues For Industrial Sector
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