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2022 Q1 Chicago Industrial Market Report

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Industrial Vacancy Drops to All-Time Low

The stunning vigor of Chicago’s industrial market continued into the first quarter of 2022, demonstrated by near-record new leasing volume and impressive demand which pushed the overall vacancy rate down 53 basis points to 4.91 percent, the lowest rate ever recorded. The previous record of 5.39 percent was recorded during the third quarter of 2000.

Key Takeaways

  • The overall vacancy rate dropped by more than 50 basis points for the second quarter in a row, breaking the 5 percent threshold for the first time in the market’s history.
  • Despite the record low vacancy rate, demand stayed strong, totaling an impressive 11.7 million square feet during the first quarter of 2022.
  • The only potential disruption to the remarkable recent activity in the market is the lack of available space, but developers are building to meet that demand.

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2022 Q1 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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