From empty spaces to thriving places: the surging of Chicago industrial rental growth

graph of total gross leasing activity and starting rental rate NNN for Chicago industrial properties, quarterly from 2020 q1 to 2023q2
Chart shows the rebound of Chicago industrial leasing and boost in rental rates
  • Rental rates have continued to rise, increasing 24.0% since Q1 2020 due to strong tenant demand and low vacancy within the Chicago industrial market.
  • The South I-55 Corridor, I-80 Corridor and the O’Hare submarkets accounted for 44.0% of total leasing volume from 2020 through Q2 2023, totaling 87.0 msf.
  • Big box leases in the I-80 Corridor have seen rental growth nearly double since the start of the pandemic.

August 28, 2023

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