October 2024
Hiffman Releases Third Quarter 2024 Industrial Market Report
NAI Hiffman is pleased to present the Third Quarter 2024 Industrial Market Report, an in-depth look at statistics for the Chicago industrial real estate markets.
Chicago’s Industrial Market Stable During Third Quarter
Chicago’s industrial market maintained significant growth in 2024, though the market has seen a reset towards a new normal from the historic pace set during 2021 and 2022.
- Vacancy measured 5.5% during the third quarter, up from 4.7% one year ago, as 24.7 million square feet of new deliveries have come to market over the past 12 months.
- Despite a significant number of leases being signed, overall leasing volume has dipped. The slowing of new big box industrial deliveries combined with the shift in strategy to a more localized approach towards shipping and logistics has led to a reduced square footage per lease.
Contact Us
Nick Schlanger
Director of Research Services
630-691-0600
nschlanger@hiffman.com
Dan Worden
Research Analyst
630-398-8932
dworden@hiffman.com
About NAI Hiffman:
NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.
About Hiffman National:
Hiffman National is one of the US’s largest independent commercial real estate property management and advisory firms, providing institutional and private clients exceptional customized solutions for property management, facility management, advisory services, accounting, lease administration, lender services, project management, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America.
