Third Quarter 2012 Market Reviews
NAI Hiffman is pleased to present its Third Quarter 2012 Industrial and Office Market Reviews detailing up-to-date statistics, recent trends, significant transactions and the outlook for the Chicago Metropolitan office and industrial real estate markets.
Industrial Market Review
Demand for industrial space in the Chicago industrial market continued to increase through the third quarter of 2012, as evidenced by the absorption of an additional 4.26 million SF of vacant space over the past three months. Since the market turned around two years ago, more than 29.8 million SF of vacant space has been absorbed. The vacancy rate dropped to 9.5% during the third quarter, the lowest this rate has been since early 2008, as the economic recession was just getting underway. Although the industrial market has returned to pre-recession levels, that isn’t the whole story of the recovery.
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Office Market Review
The suburban vacancy rate continued to decline during the third quarter, dipping 38 basis points to 21.14%, a rate not seen since early 2009, when the national economy was in a near free-fall and 800,000 jobs were being lost each month. Since the suburban market turned around, more than 204 million SF of vacant space has been absorbed.
News was positive for the downtown office market once again during the third quarter, as 324,938 SF of vacant space was absorbed, pushing the vacancy rate down 24 basis points to 13.8%, the first time this rate has been below 14% since 2008.
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For further information regarding the content of these market reviews, please contact:
Craig Hurvitz | Director of Statistics and Market Information
630 693 0645
If you are interested in attending a custom market overview presentation, please contact:
David Petersen | CEO
630 691 0631