August 2025
Hiffman Releases Q2 2025 Construction Pipeline Report
NAI Hiffman is pleased to present the Q2 2025 Construction Pipeline Report for industrial development in the Chicagoland market.
Chicagoland’s Industrial Construction Market Continues Cooling Trend
- Developers delivered 3.3 million square feet of new space – slightly down from 3.5 million square feet in the previous quarter.
- While this marks a slowdown compared to recent quarters, it still reflects a rebound from the record low of just 1.3 million square feet seen just one year prior.
- These recent delivery volumes remain a far cry from the booming second half of 2023, when the region saw an unprecedented 12.4 million and 13.1 million square feet delivered in Q3 and Q4, respectively.
Speculative vs. Build-to-Suit
- Currently, speculative construction holds a narrow advantage in the development pipeline, with 5.7 million square feet underway compared to 5.6 million square feet of build-to-suit projects.
- Of the 33 buildings under construction, 20 are speculative and 13 are build-to-suit, reflecting a close split.
- Notably, of the eight speculative projects that broker ground in the second quarter, six are big box buildings of 200,000 square feet or more.
More information including complete submarket reports and notable projects under construction are available in the full Q2 2025 Construction Pipeline Report; click here to access the download.
Contact Us
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 four hub locations and 15 satellite offices across North America.
