Chicago industrial market report
The Chicago industrial market continued to show resilience with low vacancies, strong demand, and robust construction activity. Vacancy was recorded at 4.2% with 14 of the 20 submarkets all below 5% vacant, underscoring the overall health of the market. A total of 5 million square feet (msf) broke ground during Q1 2023 with a total of 36 msf currently being developed.
Overall vacancy remains stable, recorded at 4.2% at the end of Q1 2023, up 10 basis points from the prior quarter. The Chicago market consists of 1.1 billion square feet within 20 submarkets and 14 of them still have vacancies of 5% or less.
Leasing activity has stabilized from the record-breaking levels seen during the pandemic, however, remains quite healthy. A total of 11.2 msf was leased within the Chicago industrial market during the first quarter of 2023.
Construction activity has reached unprecedented levels due to significant demand within the Chicago Industrial market with a total of 36 msf currently being developed.
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