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2020 Q2 Chicago Industrial Market Report

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Chicago's Industrial Market Holds Its Own in Face of Pandemic, Recession

During the second quarter of 2020, the Coronavirus pandemic changed all of our daily lives - entire states shut down economies, supply chain disruptions took hold worldwide, and confusion and uncertainty impacted every industry, including commercial real estate. 

Chicago's industrial market has demonstrated its resiliency during the unfolding crisis. While the industrial vacancy rate experienced a modest jump of 26 basis points to the highest rate in two years, net absorption remained slightly positive and an impressive 14.1 million square feet of new leases and lease expansions were signed, a near-record total second only to the 14.6 million square feet signed during the first quarter of the year. 

While one tenant is responsible for more than half of the space leased during the second quarter of 2020, that demand helped the market avoid recording significantly negative net absorption during the period.

Industrial Report Chicago

2020 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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