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Craig Hurvitz | Colliers | 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 Type

Industrial

Featured Research

Nov 9, 2022

2022 Q3 Chicago Industrial Big Box Report

Big Box Leasing Stays Strong as Developers Push to Deliver New Product. Chicago’s big box industrial vacancy rate increased for the second quarter in a row, climbing by 65 basis points to 3.57 percent during the third quarter of 2022. After bottoming at a record low 2.61 percent during the first quarter of the year, speculative construction completions increased over the past six months, pushing the vacancy rate up. Unprecedented demand for big box space since the last quarter of 2020 combined with record low vacancy resulted in a need for new speculative product. During the third quarter alone, developers started construction on an impressive 31 big box buildings totaling 15.5 million square feet, bringing the total under construction to a record 63 buildings totaling 31.5 million square feet.
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Oct 27, 2022

2022 Q3 Chicago Industrial Market Report

Rents Climb as Industrial Market Gets a Little Tighter. While industrial demand remained positive during the third quarter of 2022, the net absorption total of 6.9 million square feet was only 58 percent of the total recorded during each of the past three quarters and the lowest quarterly total since the fourth quarter of 2020. Despite falling off a bit, it remained above the 5-year quarterly average of 6.5 million square feet and was more indicative of how tight the market has become as opposed to a drop in industrial transaction activity.
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Aug 11, 2022

2022 Q2 Chicago Industrial Big Box Report

Demand for Chicago’s big box industrial product totaled 5.1 million square feet during the second quarter of 2022, as measured by net absorption. While this figure was still strongly positive, it also represented the lowest quarterly total since the fourth quarter of 2020 and was nearly half of the record 9.7 million square feet recorded during the fourth quarter of 2021. Seven speculative big box buildings totaling 3.9 million square feet were completed between April and June, four of which were delivered vacant. As a result, the big box vacancy rate, which had plunged to an all-time low of 2.61 percent in March, increased for the first time in seven quarters, ticking up by 31 basis points to 2.92 percent.
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Featured News

Nov 15, 2022

Chicago Industrial Vacancy Creeps Up As New Product Hits Market

Chicago’s tighter-than-tight big-box industrial vacancy rate ticked up for the second quarter in a row, as long-awaited new deliveries came online, giving the market a bit of breathing room.
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Oct 27, 2022

Chicago’s industrial net absorption rate down — for good reason

No vacancies mean there’s little space to absorb, Colliers’ data shows
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