Chicago industrial market report
Q1 2022
Rental growth
Historically low vacancies have allowed landlords to push asking rates to new heights as demand continues across the Chicago market. Rental rates have increased 15.4% since 2016.
Vacancy
The overall vacancy rate reached an all-time low of 4.7% at the end of Q1 2022, a decrease of 50 basis points from the prior quarter. The Chicago industrial market continues to outperform, despite all the challenges and uncertainty throughout the pandemic.
Activity
A total of 18.2 msf was leased during Q1 2022, largely been driven by companies in the transportation/trucking industry, 3PL providers and food production/freezer cooler space.
Industrial demand
45.6% of properties currently under construction are more than 750,000 sf, highlighting the demand within big box product across the market.
South I-55 Corridor
The South I-55 Corridor remains extremely active with 4.3 msf having been leased. This represents 23.7% of overall leasing volume within the first quarter.
I-80 Corridor
The I-80 Corridor has seen a spike in construction activity, adding an additional 3 msf to the development pipeline in the first quarter of 2022 with a total of 9.4 msf underway.
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