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May 2023

Hiffman Releases First Quarter 2023 Industrial Market Report

NAI Hiffman is pleased to present First Quarter 2023 Industrial Market Report, an in-depth look at statistics for the Chicago industrial real estate markets.

Chicago Industrial Market Maintains Momentum in 2023

Chicago Industrial Stats Q1 2023

Industrial Vacancy and Absorption Chart Q1 2023

  • Chicago’s industrial market exhibited strong performance during the first quarter of 2023 with 2.8 million square feet of positive net absorption in the quarter. Vacancy remained tight at 4.2%.
  • Chicago’s development pipeline remains robust with 41.2 MSF currently under construction – a new regional high – as developers rush to meet unrelenting demand.
  • Chicago remains uniquely positioned for expansive growth, as its centralized location and expansive transportation infrastructure continue to draw major industrial players to the region.
Detailed statistics and commentary are available in the First Quarter 2023 Industrial Market Report; enter your e-mail address below to access the download:
Detailed quarterly submarket reports will be available in the coming weeks.

Contact Us
For further information regarding the content of this market report, please contact:

Nick Schlanger
Research Director
630-691-0600
nschlanger@hiffman.com


About Hiffman National: 

Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, 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.

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.

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