Chicago Industrial Submarket Report – Q1 2022
First quarter 2022 absorption posts historic high!
- George Cutro
- Chad Buch
- Paul Marsh
Strong occupier demand drew vacancies down to 3.1% for the Chicago Metro area in Q1, falling 40 basis points from the 3.5% in Q4 2021. Net absorption for Chicago measured 8.1 million s.f., which was a roughly 2.0 million s.f. improvement when compared to the 6.0 million s.f registered during the same time last year. Asking net rents posted a sizeable gain from the Q1 2021 rent of $5.39 net to $5.87 net. Given the lower vacancy rate, rents continue to be heavily influenced by new speculative product introduced to the market.