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2020 Q1 Chicago Industrial Market Report

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Another Record Breaking Quarter for Chicago Industrial - But What's Next?

Chicago's industrial market set another record during the first quarter of 2020, recording 14.6 million square feet of new leasing volume among 99 new leases and lease expansions. Seven leases greater than 500,000 square feet were signed totaling 8.3 million square feet. During all of 2019, a total of ten leases greater than 500,000 square feet were signed, while only five leases in this size range were signed in 2017. Three of the largest leases signed during the first quarter were for build-to-suit projects, totaling 4.6 million square feet. 

The industrial vacancy rate decreased by nine basis points since December to 6.16 percent, one of the lowest rates recorded in the market since 2001. Industrial vacancy has historically been closely tied to and has slightly lagged the U.S. unemployment rate. With the Coronavirus pandemic and the immediate economic response erupting at the end of the first quarter, the unemployment rate is poised to skyrocket. While certain segments of Chicago's industrial market will perform comparatively well, the overall vacancy rate is expected to escalate as well.

Industrial Report Chicago

2020 Q1 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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