Chicago industrial market report
Q3 2024
The Q3 2024 Chicago Industrial report underscores the industrial sector’s resilience amid economic challenges. The overall vacancy rate decreased to 5.6%, with a notable reduction in big-box vacancies over 500,000 sf. While leasing activity is down from the record highs seen during the pandemic, it is on track to surpass pre-pandemic averages. Construction activity continues to decrease, down 54% from the year prior, marking an all-time low since 2013.
5.6%
Overall vacancy
Overall vacancy remains stable, decreasing 20 basis points at the end of Q3 2024 from the prior quarter and well below the national average of 8.3%.
33 msf
Leasing activity
Leasing activity remains robust, although down from the elevated activity seen during the pandemic, it is on pace to outperform the average leasing activity seen from 2017 through 2019.
-54%
Construction activity
Construction activity continues to decline, down 54% from Q3 2023, further highlighting the severity of a potential space gap the market will face over the next two years.
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