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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

May 12, 2022

2022 Q1 Chicago Industrial Big Box Report

Chicago’s big box industrial vacancy rate continued to tank during the first quarter of 2022, dropping by more than a full percentage point to 2.61 percent, a record low by a wide margin. Net absorption in the market’s biggest and most modern buildings has been astounding since the fourth quarter of 2020, totaling at least 5 million square feet each quarter for a grand total of 45 million square feet over the six quarter period. Net absorption totaled 6.7 million square feet during the first quarter of 2022 alone. Unprecedented new leasing activity and the delivery of large build-to-suit projects has been behind the record demand. With such a tight market, new development will strongly influence net absorption over the coming quarters.
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Apr 29, 2022

2022 Q1 Chicago Industrial Market Report

The stunning vigor of Chicago’s industrial market continued into the first quarter of 2022, demonstrated by near-record new leasing volume and impressive demand which pushed the overall vacancy rate down 53 basis points to 4.91 percent, the lowest rate ever recorded. The previous record of 5.39 percent was recorded during the third quarter of 2000.
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Feb 10, 2022

2021 Q4 Chicago Industrial Big Box Report

Unprecedented leasing and demand resulted in Chicago’s big box vacancy rate plunging by 484 basis points during 2021 from 8.51 percent to an all-time low of 3.67 percent. Never before has the vacancy rate for the market’s biggest and most modern product been even remotely as low – the previous record was well above 5 percent. The nose-diving vacancy rate demonstrated that despite big box development continuing at full tilt, demand for modern product markedly outpaced new supply during 2021. In fact, net absorption totaled 33.5 million square feet during the year, nearly doubling the previous annual record of 17.4 million square feet recorded in 2019.
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