Research

Chicago Industrial Submarket Report – Q2 2022

Speculative development remains robust despite supply constraints

August 09, 2022

Contributors:

George Cutro
Chad Buch
Paul Marsh

Chicago’s vacancy rate improves again falling to 2.9%, down from the 3.1% vacant last quarter – one year ago the rate was significantly higher at 4.9% - a remarkable 200 basis point decline. Strong occupier activity resulted in a Q2 net absorption figure of 8.6 million s.f., up slightly from Q1 tally of 8.1 million s.f.

Interestingly, 1.2 million s.f. of Q2 net absorption volume was attributed to build to suit and owner-built deliveries. Asking net rents continue to climb, as the Q2 mark of $6.01 net was $0.14 higher than the Q1 rent.

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