The Chicago industrial market witnessed further improvement with vacancy decreasing by 50 basis points to 3.0% during the second quarter.
New leasing held strong reporting 14 million sq. ft., an increase over the previous quarter’s 11.7 million sq. ft.
Construction is booming for the area with totals climbing to just over 32 million sq. ft. with build-to-suits accounting for 53% and speculative projects at 47%.
Rental rates are on an upward trajectory as a result of limited supply and material shortages across the nation.