Commercial Real Estate Market OutlookQuarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Chicago Industrial Market Report (Q1 2021)26 Apr 2021
Chicago Market Overview
The Chicago industrial market continued its hot streak in the first quarter, with strong tenant demand from large corporate healthcare, retail and e-commerce businesses supporting a continued wave of activity.
- Chicago’s industrial market showed continued resilience with vacancy at 6.6%, a slight uptick from 6.4% in the previous quarter.
- There were 321 leases completed totaling 12.8 msf during Q1 2021, with the most activity in I-80 (3.8 msf), I-55 (2.3 msf), and O’Hare (1.2 msf).
- There is nearly 18.8 msf under construction, including 3.38 msf in the I-80 Corridor and 2.7 msf in the US-64 Corridor.
- There was 4.4 msf delivered during the first quarter. Lake County, the I-80 Corridor and the I-55 Corridor lead the way.