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2021 Q3 Chicago Industrial Market Report

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Unprecedented Build-to-Suit Deliveries Help Push Demand to New High

Record construction deliveries, highlighted by the completion of eight build-to-suit projects totaling a massive 11.2 million square feet combined with a record-matching 15.4 million square feet of new leases and lease expansions to push net absorption to 18.2 million square feet during the third quarter of 2021, nearly double the previous quarterly net absorption record of 9.6 million square feet recorded in 2011.

Key Takeaways

  • Eight build-to-suit construction projects totaling 11.2 million square feet were delivered during the third quarter of 2021, accounting for 61 percent of the quarterly net absorption total of 18.2 million square feet, a new record.
  • The industrial vacancy rate has dropped by 69 basis points over the past year to 6.03 percent, the lowest rate since 2001.
  • New leases and lease expansions totaled 15.4 million square feet during the quarter, matching last quarter’s record

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2021 Q3 Chicago Industrial Market Report

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Related Experts

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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