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2019 Q2 Chicago Industrial Market Report

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Demand for Industrial Increases Again

All market indicators were positive during the second quarter of 2019 in Chicago’s industrial market, resulting in the 29th consecutive quarter of positive net absorption. The market recorded 117 new leases or lease expansions totaling 9.5 million square feet between April and June, the third quarter in a row that new leasing volume increased.

As a result, the overall vacancy rate decreased by five basis points to 6.25 percent, the seventh successive period the rate has decreased and the lowest rate recorded since the first quarter of 2001.

Development continues to expand, with 17.1 million square feet under construction, more than half of which is being built on a speculative basis.

Industrial Report Chicago

2019 Q2 Chicago Industrial Market Report

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Craig Hurvitz

Senior Director of Research

Chicago - Rosemont

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. 

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