Chicago’s Big Box Product Leading the Market for Every Industrial Metric
Unprecedented leasing and demand resulted in Chicago’s big box vacancy rate plunging by 484 basis points during 2021 from 8.51 percent to an all-time low of 3.67 percent. Never before has the vacancy rate for the market’s biggest and most modern product been even remotely as low – the previous record was well above 5 percent. The nose-diving vacancy rate demonstrated that despite big box development continuing at full tilt, demand for modern product markedly outpaced new supply during 2021. In fact, net absorption totaled 33.5 million square feet during the year, nearly doubling the previous annual record of 17.4 million square feet recorded in 2019.