Craig Hurvitz | Colliers International | Chicago - Rosemont

Craig Hurvitz

Senior Director of Research

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About

Professional Summary

I am vice president, market research at Colliers International | Chicago and lead the Industrial Advisory Group’s market research initiative. I am responsible for managing and maintaining the industrial properties database, which includes property sales and leases, tenant information and comparable transactions. I have a deep understanding of the Chicago-area industrial real estate market and provide in-depth analyses, reports and market trends that are referenced by a diverse group of clients including landlords, appraisers and developers. I am considered an expert in the field and am frequently featured in industry newspapers and publications. 

I have more than 10 years of industry experience having served as the director of research for both NAI Hiffman, and most recently Newmark Grubb Knight Frank. In this role, I oversaw the local research departments and provided comprehensive reports on market statistics in the Chicago and regional commercial real estate markets.

I began my real estate career as director of marketing for Rosemont-based Epic Realty Partners, now affiliated with Transwestern. 

Education

  • BA, Tulane University

Services

Service Lines
Research
Property Types
Industrial
Featured Research
Jul 31, 2020
2020 Q2 Chicago Industrial Market Report
During the second quarter of 2020, the Coronavirus pandemic changed all of our daily lives - entire states shut down economies, supply chain disruptions took hold worldwide, and confusion and uncertainty impacted every industry, including commercial real estate. Chicago's industrial market has demonstrated its resiliency during the unfolding crisis. While the industrial vacancy rate experienced a modest jump of 26 basis points to the highest rate in two years, net absorption remained slightly positive and an impressive 14.1 million square feet of new leases and lease expansions were signed, a near-record total second only to the 14.6 million square feet signed during the first quarter of the year. While one tenant is responsible for more than half of the space leased during the second quarter of 2020, that demand helped the market avoid recording significantly negative net absorption during the period.
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May 13, 2020
2020 Q1 Chicago Industrial Big Box Report
Big Box Breaks Another Leasing Record - Now What? During the first three months of 2020, new leasing volume surged in Chicago's big box industrial buildings. A record 24 new leases and lease expansions totaling 8.5 million square feet were signed. Towards the end of the first quarter of 2020, the COVID-19 pandemic and the resulting economic response took hold of the country and altered our daily lives. In the months since, U.S. unemployment has skyrocketed, with more than 30 million Americans filing unemployment claims through early May, pushing the unemployment rate to 14.7 percent, well above the 10 percent peak recorded during the Great Recession in 2009. Of the new leases and lease expansions completed in big box buildings during the first quarter, 62 percent were signed by users that are considered "low-exposure" to the COVID-19 situation and economic turmoil, including e-commerce, logistics and packaging tenants. Another 13 percent were "moderate-exposure" users like manufacturers, while the remaining 25 percent were considered "high-exposure" tenants, like apparel companies and users that produce or distribute consumer durables.
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Apr 27, 2020
2020 Q1 Chicago Industrial Market Report
Chicago's industrial market set another record during the first quarter of 2020, recording 14.6 million square feet of new leasing volume among 99 new leases and lease expansions. Seven leases greater than 500,000 square feet were signed totaling 8.3 million square feet. During all of 2019, a total of ten leases greater than 500,000 square feet were signed, while only five leases in this size range were signed in 2017. Three of the largest leases signed during the first quarter were for build-to-suit projects, totaling 4.6 million square feet. The industrial vacancy rate decreased by nine basis points since December to 6.16 percent, one of the lowest rates recorded in the market since 2001. Industrial vacancy has historically been closely tied to and has slightly lagged the U.S. unemployment rate. With the Coronavirus pandemic and the immediate economic response erupting at the end of the first quarter, the unemployment rate is poised to skyrocket. While certain segments of Chicago's industrial market will perform comparatively well, the overall vacancy rate is expected to escalate as well.
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