NAI Hiffman is pleased to present its Fourth Quarter 2015 Market Peek, a first look at the market statistics for the Chicago Metropolitan office and industrial real estate markets.
Sizable Tenants Seek New Construction, Repositioning Opportunities
The Chicago suburban office market totaled 186,000 SF of net absorption during the quarter, improving the 2015 total to 877,000 SF. The vacancy rate declined to 17.74%, an 80 basis point improvement from the vacancy rate of 18.56% recorded one year ago.
The CBD office market posted 592,000 SF of positive net absorption during the quarter, boosting the 2015 total figure to 982,000 SF. The vacancy rate decreased to 11.11% which is just over 80 basis points lower compared the vacancy rate of 11.94% measured one year ago.
Industrial Market's Outstanding 2015 Results
Fourth quarter positive net absorption totaled 2.3 million SF, driving the annual absorption total to an impressive 22.3 million SF. The fourth quarter vacancy rate decreased to 7.24%, down 70 basis points from the vacancy rate of 7.95% measured one year ago.
Construction deliveries totaled 4.1 million SF during the fourth quarter, bringing the year-to-date total to an impressive 18.3 million SF. Projects under construction total 14 million SF.
For further information regarding the content of this market peek or if you are interested in
attending a custom market overview presentation, please contact:
Kelly (Brown) DeBouver | Senior Research Manager
630 693 0645
John Picchiotti | Chief Operating Officer, Brokerage
630 691 0608