Solid Start to 2018, Industrial Vacancy Improves Again
Chicago's industrial market witnessed 6.9 million square feet of new leases and lease expansions during the first quarter of 2018. This activity, combined with fewer vacant construction deliveries compared to recent quarters, resulted in the vacancy rate improving by 13 basis points to 6.67 percent.
Net absorption, an indicator used to measure demand in the market, totaled 4.5 million square feet between January and March, the 24th quarter in a row this index has been positive.
Fourteen construction projects totaling 3.7 million square were completed during the first quarter of 2018, leaving only 30 projects totaling 7.2 million square feet under construction. This represents the least amount of space under development since 2013.
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