Despite positive absorption, big box vacancy rises
Chicago’s big box vacancy rate increased by 52 basis points during the first quarter of 2017, the second quarter in a row to post an uptick. Despite this adjustment, net absorption was positive between January and March, totaling 1.8 million square feet. Normally an inverse relationship, the vacancy rate can increase when net absorption is positive if speculative construction projects with vacant space are delivered. Two such facilities totaling 1.2 million square feet were completed during the first quarter of 2017.
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