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August 2009

CHICAGO INDUSTRIAL UPDATE

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South Cook County “South Cook is very stagnant; new construction has halted,” says Ben Cremer, a vice president with NAI Hiffman. “There is some leasing activity, but most of it is lateral moves — companies looking for cost savings or consolidation. [The market] is experiencing the same thing it has for the last 15 years, which is that companies are looking to exit South Cook and move to the nearby Will [County] or northwest Indiana markets.

“I think the market is going to remain pretty much as it is, which is stagnant, through the end of the year,” Cremer adds. “In general, the South Cook area is one of the last to increase in activity and development when the times are good, and it is one of the first to decrease in activity when things start going bad.”

Source: Heartland Real Estate Business

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