- Over the past year, the proportion of Chicago’s industrial development pipeline dedicated to speculative projects increased significantly, rising from 36% to 55% at the end of Q1 2026. This shift reflects strong and sustained tenant demand across the market, which has reignited developer confidence and driven a resurgence in speculative activity.
- A total of 12.4 msf is currently under development, with 6.7 msf is being built on a speculative basis. Following a brief lull, speculative construction activity has reaccelerated in 2026, with five buildings breaking ground year-to-date. Notably, four of the new projects to break ground are located in the South Chicago submarket, an area that has historically seen limited new supply.
Chicago’s industrial construction pendulum swings with speculative development on the rise
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Kathleen Cavanaugh
Analyst, Central Region Industrial
Chicago, Chicago Suburban
Market Intelligence
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