February 2026
Hiffman Releases Q4 2025 Construction Pipeline Report
NAI Hiffman is pleased to present the Q4 2025 construction pipeline report, our firm’s in-depth look at statistics for commercial real estate construction in the Chicago metropolitan area.
Overall Market Performance
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Chicagoland industrial inventory reached 1.37 billion square feet, the largest in the U.S.
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Overall vacancy ended 2025 at 6.0%, down 10 basis points quarter-over-quarter.
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Total available space sits at 128.1 million square feet (9.3% availability).
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Year-to-date net absorption totaled 18.7 million square feet, exceeding 2024 levels.
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Q4 2025 posted 7.9 million square feet of positive net absorption.
Construction Pipeline & Deliveries
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13.6 million square feet of industrial product was under construction at year-end.
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Build-to-suit projects account for 53.5% of the pipeline, versus 46.5% speculative.
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Developers delivered 11.3 million square feet in 2025 — down from 15.9 million square feet in 2024, signaling a more measured pace.
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Q4 deliveries totaled 3.9 million square feet, a major jump from the prior quarter.
Leasing Supply & Demand
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New leasing activity reached 43.0 million square feet in 2025.
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Q4 leasing volume alone totaled 10.3 million square feet.
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Tenant strategy has shifted toward targeted leasing, right-sizing, and selective expansion as the market stabilizes.
Contact Us
Denes Juhasz
Director of Research
630-693-0645
djuhasz@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.
