April 2024
Hiffman Releases First Quarter 2024 Industrial Market Report
NAI Hiffman is pleased to present the First Quarter 2024 Industrial Market Report, an in-depth look at statistics for the Chicago industrial real estate markets.
Chicago’s Industrial Market Remains Bright in 2024
Chicago’s industrial outlook remains bright, but economic pressures, elevated interest rates, and rising construction costs have slowed new groundbreakings and will contribute to a pullback from the historic inventory growth levels of 2022 to 2023.
- 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 rose to 5.7% overall, as 8.3 million square feet of new supply delivered to market, 42.9% pre-leased.
Contact Us
Nick Schlanger
Research Director
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.
