September 2019

September REmark | Construction Deliveries as a Percent of Inventory 2014-2019

In our last industrial-focused REmark, we noted that 90.4 million square feet of new product was delivered to the Chicago industrial market since 2014. 27.6% of that total was completed in just two of the 21 submarkets that we track – the I-80/Joliet and I-55 Corridor submarkets. We have further discovered that, while overall inventory grew by 7.9%, five submarkets experienced growth greater than 10.0% – I-80/Joliet Corridor, Southeast Wisconsin, I-55 Corridor, I-57/Will Corridor, and I-90 Northwest. The remaining 16 submarkets grew by an average of 4.3% over the same time period, with three submarkets experiencing growth of less than 1.0% – South Cook, Chicago North, and McHenry County. Another 18.8 million square feet remains in the construction pipeline, with 7 submarkets poised to add more than 1.0 million square feet each by the end of 2020.

We invite you to click the image above to download our complete REmark for all of our observations. For more information contact NAI Hiffman’s Director of Research, Amanda Ortiz at 630 693 0645 or aortiz@hiffman.com.

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