Chicago industrial submarket outlook - Q4 2018
Chicago’s leading industrial research team has released our official Q4 2018 stats report—timely, accurate data you can count on.
Our latest numbers reflect a healthy, resilient Chicago market after ending the year on a high note. Perhaps the most-notable investment transaction was Conor Commercial and LaSalle Investment’s sale of the partially leased, four-building, 741,586-square-foot Fountain Square Commerce Center in Bolingbrook for approximately $92 per square foot—the first such transaction for Bridge since 2014.
In single-asset sales, Zilber Property Group sold the newly built, fully leased 2640 Auto Mall Drive to Black Creek Group for $84 per square foot. There’s currently 10 million square feet of speculative construction underway, and the market witnessed another year of robust development activity.
We’re in a period of historically low vacancy and forecast that market-wide vacancy could still compress a bit further into 2019.
Read more to learn how occupier demand remained steady through a period of big-lease drought.