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2021 Q4 Chicago Industrial Market Report

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By Craig Hurvitz

Chicago Industrial Set a New Bar in 2021

By all metrics, 2021 was the best year on record for Chicago’s industrial market, in many instances by a wide margin. Demand – as measured by net absorption – totaled a staggering 44.9 million square feet, a figure 69 percent greater than the previous record of 26.6 million square feet recorded in 2016.

Key Takeaways

  • Chicago’s industrial market demolished long-held records in 2021 for development, new leasing activity, net absorption, and is approaching an all-time low vacancy rate.
  • Developers delivered more space than in any previous year, yet tenants’ appetite for new product continued to exceed the pace at which developers could build it.
  • The unprecedented demand witnessed during 2021 will carry into 2022, but tenants will face challenges finding space. 
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2021 Q4 Chicago Industrial Market Report

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Craig Hurvitz | Colliers | Chicago - Rosemont

Craig Hurvitz

Senior Director of Research

Chicago - Rosemont

+1 847 698 8295
Email

I am vice president, market research at Colliers | 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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