Chicago Industrial Submarket Report – Q1 2021

Occupier demand improves driving down vacancy rates

May 17, 2021

The Chicago Industrial market continues to grow in Q1 2021 as vacancy rates fall, now at 5.4%. 13.7 million s.f. was leased this quarter, driven by two 1.0 million s.f. signings.

Speculative construction remains robust, delivering 2.3 million s.f. this quarter while another 2.7 million s.f. commenced construction. Asking net rents jumped $0.12 cents from the prior quarter to $5.39. Find out more on construction activity, developments, and what to expect for next in our report.

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