July 2023
Hiffman Releases Second Quarter 2023 Industrial Market Report
NAI Hiffman is pleased to present the Second Quarter 2023 Industrial Market Report, an in-depth look at statistics for the Chicago industrial real estate markets.
Click the video above for a tasty twist on the 2Q 2023 Market Report from executive vice president – industrial services, John Whitehead and executive vice president – office services, Adam Johnson.
Chicago Industrial Fundamentals Remain Strong Despite Moderation
Chicago’s industrial outlook remains bright, but economic pressures are expected to cause some moderation, as interest rate hikes and rising construction costs have slowed new groundbreakings and contributed to a pullback from the historic absorption levels of 2021 and 2022.
- The region saw 7.5 million square feet of positive net absorption during the first half of the year, while vacancy remains tight at 4.2% overall despite substantial new supply hitting the market.
- Chicago registered 7.4 million square feet of new leasing activity during the second quarter, bringing the year-to-date total to 21.8 million square feet.
- Chicago’s development pipeline remains robust at 36.1M SF, while 11.4 MSF of new product has delivered through the first half of the year.
- Chicago remains uniquely positioned for continued growth, as its centralized location and expansive transportation infrastructure continue to draw major industrial players to the region.
Contact Us
Nick Schlanger
Research Director
630-691-0600
nschlanger@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 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.
