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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.

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2022 Q2 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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