REmark: A Look Inside the Growth of Chicago’s Industrial Market
Over the past 5 years, Chicago’s construction deliveries have been on the rise, adding nearly 63.5 million SF to the market. Since the beginning of 2012, the industrial market has seen a 4% increase in overall square footage, bringing the market to a total of more than 1.2 billion SF. Sustaining the delivery of new buildings, year-over-year absorption has continually kept up with this new supply, as net absorption has been above 10.0 million SF annually since 2011 and over 20 million SF in each of the last two years. With over 17 million SF under construction set to deliver over the next 12-18 months, and net absorption already in excess of 5.6 million in Q1 alone, it would appear that the trends of these past two years will continue though the balance of 2017.