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2022 Q2 Chicago Industrial Market Report

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Industrial Demand Stays Strong Despite Headwinds

Demand for space in Chicago’s industrial market matched the past two quarters as measured by net absorption, despite inflation at a 40-year high and economic uncertainty. Net absorption totaled 12.1 million square feet during the second quarter of 2022, slightly outpacing last quarter’s total of 11.7 million square feet.

Key Takeaways

  • Net absorption slightly exceeded the past two quarters at 12.1 million square feet despite the record-low vacancy rate.
  • New leasing activity dropped during the second quarter of 2022 due to the tight market, but the vacancy rate continued to fall, dropping to a record 4.58 percent by the end of June.
  • Developers are making a big push to deliver a record amount of speculative development over the coming quarters to meet the record demand witnessed over the past 18 months.


2022 Q2 Chicago Industrial Market Report

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Craig Hurvitz

Senior Director of Research

Chicago - Rosemont

For 16 years, Craig has closely tracked Chicago’s extensive industrial real estate market – the second largest in the United States. He has developed from the ground up or enhanced commercial real estate research departments at four firms, having spent his last eight years at Colliers, leading the company’s research department.

Craig and his team are responsible for managing Colliers’ proprietary internal database, which tracks inventory, contact, transaction, and comparable details among tens of thousands of buildings in Chicago’s market. This data is compiled into various reports, trend studies, in-depth analyses, and white papers referenced by a diverse group of clients including landlords, developers, and appraisers and is frequently featured in local and national news sources and industry publications.

A frequent contributor to new business pursuits and client market updates, the expert data and content assembled by Craig and his team are often regarded as industry leading.  

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