Heatwave of leasing activity in Chicago's industrial sector

Leasing activity remains quite healthy, with a total of 25.2 msf leased in the first half of 2025, only 1 msf lower than 1H 2024 and slightly under the five-year first half average of 29.6 msf from 2020 through 2024. This level of activity reflects continued tenant demand despite evolving market dynamics and external pressures.
In June 2025 alone, a total of 5.1 msf was leased, representing 21% of all leasing activity year-to-date. This surge in activity reflects a renewed confidence among companies as earlier concerns around tariffs and trade uncertainty appear to be stabilizing. Notably, seven full-building leases over 500,000 sf were signed in the first half of 2025, compared to eight during the same period in 2024.
The largest lease signed in Q2 2025 was a 1.1 msf new lease by RJW Logistics at NorthPoint Development’s Third Coast Intermodal Hub in Joliet. The 3PL has continued to expand its presence outward from I-55 and is now the largest occupier in Will County. RJW Logistics new location was constructed as a speculative project that delivered in June of 2024.

July 31, 2025

US-IL-CHDWTN Chicago