Record Development, Strong Leasing Push Big Box Net Absorption to New High
Demand for Chicago’s biggest and most modern industrial buildings set a new record during the first quarter of 2021. Net absorption – the net change in occupied space – totaled 8.2 million square feet during the first three months of the year, the greatest quarterly total ever recorded for the big box product type. The completion of four build-to-suit projects totaling 4.7 million square feet, combined with a 31 percent increase in new leasing volume totaling 8.2 million square feet for the quarter, was behind this jump in demand. As a result, the big box vacancy rate decreased by 36 basis points to 8.15 percent.