Demand for industrial space remains strong as positive absorption continues at mid-year.
Positive net absorption of 2.2 million SF
Vacancy rate increased to 7.25% due to spec deliveries
Construction completions totaled 3.5 million SF
17.4 million SF under construction
Please take a closer look at Chicago’s industrial market activity during the second quarter which includes charts, graphs and tables highlighting market fundamentals, and significant sale and lease transactions for the overall industrial market, as well as a breakdown by submarket.
Office Vacancy Drops in the Suburbs, Slight Rise in the CBD
The suburban office market rebounded second quarter:
Positive net absorption of 585,526 SF
Vacancy rate fell to 17.53%
Premier Class A gross asking rents increased to $29.63 PSF
Vacancy rose slightly for the CBD office market second quarter:
Negative net absorption of 146,860 SF
Vacancy rate increased to 11.18%
A total of 5 construction projects are underway
Please take an in depth view of the state of the Chicago office market that includes charts, graphs and tables highlighting market fundamentals, and 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.