2017 Sets New Development Record, Finishes Strong
Chicago’s industrial market finished 2017 with an impressive fourth quarter as several transactions during the final weeks of the year pushed the net absorption for the year to 18.9 million square feet. Although 15 vacant speculative development projects totaling 3.8 million square feet were delivered during the quarter, the vacancy rate improved for the first time in three quarters, decreasing by 5 basis points to 6.80 percent.
A total of 88 new construction projects were completed in 2017 totaling 24.8 million square feet, a new record for the market. Speculative development accounted for 13.4 million square feet, or 54 percent, of these deliveries.
Click here to view the full report