NAI Hiffman is pleased to present its Third Quarter 2015 Market Peek, a first look at the market statistics for the Chicago Metropolitan office and industrial real estate markets.
Suburban and CBD Office Markets Tighten
The Chicago suburban and CBD office market fundamentals showed third quarter improvement, marked by positive absorption and declining vacancy rates.
The suburbs garnered 500,000 SF of positive net absorption, dropping the vacancy rate to 17.9%. Absorption in the CBD totaled 265,000 SF, pushing the vacancy rate down to 11.6%.
Industrial Market Continues to Gain Momentum
Third quarter positive net absorption totaled 9.1 million SF with increasing tenant demand, pushing the vacancy rate down to 7.2%.
Construction deliveries increased to 4.9 million SF during the third quarter, bringing the year-to-date total to 14 million SF.