Chicago’s industrial big-box leasing remains red-hot amid tightening supply

Bar and scatter chart showing big‑box industrial leasing from 2019 to 2026. Leased square footage peaks in 2020 at over 15 million square feet, then gradually declines through 2026. The number of leases follows a similar trend, with the highest count in 2020 and lower activity projected for 2026.
  • Big-box leasing activity remains robust with eight leases exceeding 750,000 sf signed in 2025, compared to five in 2024. Momentum has continued into 2026, with four leases over 750,000 sf already completed year-to-date, three of which are new deals. 
  • As we forecast 2026 leasing to surpass 2025’s volume, users may face a new space gap as strong tenant demand is absorbing space faster than developers anticipated. With only two speculative projects over 750,000 sf currently underway, users who need to be operational before the fourth quarter may be pushed to shift their focus to second-generation Class A options, of which eight buildings with 750,000 sf or more are available.
     

February 18, 2026

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Kathleen Cavanaugh

    • Analyst, Central Region Industrial
    • Market Intelligence

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