Chicago’s industrial market continues to move at full speed, with leasing velocity reaching 8.67 million square feet in the second quarter of 2019, a 20% increase from the previous quarter. According to Avison Young research, nearly 50% of leasing activity in the second quarter was in Lake County, the US-64 Corridor and the I-55 Corridor submarkets. “Chicago’s industrial market remains in a growth mode, with strong tenant demand and a deep speculative construction pipeline that is being filled at a steady pace,” said Chris Lydon, a principal in Avison Young’s Chicago office. “We expect this level of activity to continue for the foreseeable future.”The O’Hare submarket remains a coveted area for leasing and development, with developers pushing land prices up around $25 per square foot.”Institutional investors remain bullish on the Chicago market and the O’Hare submarket in particular,” said Lydon. “As long as this institutional demand is present, the construction cycle will continue at a steady pace. One exception is the I-80 corridor, where additional absorption is needed before new buildings could break ground.”On the… Read full this story
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