Chicago’s industrial market continued to experience improving market fundamentals during the first quarter:
Positive net absorption of 4.7 million SF
Vacancy rate improved to 7.20%
Construction completions totaled 5 million SF
12 million SF under construction
Please take a closer look at first quarter industrial market activity which includes charts, graphs and tables highlighting historic market fundamentals, significant sale and lease transactions for the overall industrial market as well as a breakdown by submarket.
Office Vacancy Improves in CBD, Slight Rise in Suburbs
CBD office market posted modest improvement first quarter:
Positive net absorption of 52,042 SF
Improved vacancy rate at 11.07%
East Loop and North Michigan Ave submarkets contributed to positive quarterly performance
The suburban office market weakened slightly during the first quarter:
Negative net absorption of 342,143 SF
Majority of submarkets remained unchanged
Vacancy rate rose to 18.00%
Please take an in depth view of the state of Chicago’s office market that includes chart, graphs and tables highlighting historic market fundamentals, significant sale and lease transactions for the overall office market as well as a breakdown by submarket.
Comprised of over 150 real estate professionals, NAI Hiffman (www.hiffman.com) provides leasing and investment sales representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages a 54+ million SF portfolio of over 600 commercial properties throughout metropolitan Chicago, Northwest Indiana, and Southeast Wisconsin. NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, comprising 5,000 brokers in 400 offices serving over 55 countries throughout the world.