September REmark | Construction Deliveries as a Percent of Inventory 2014-2019
In our last industrial-focused REmark, we noted that 90.4 million square feet of new product was delivered to the Chicago industrial market since 2014. 27.6% of that total was completed in just two of the 21 submarkets that we track – the I-80/Joliet and I-55 Corridor submarkets. We have further discovered that, while overall inventory grew by 7.9%, five submarkets experienced growth greater than 10.0% - I-80/Joliet Corridor, Southeast Wisconsin, I-55 Corridor, I-57/Will Corridor, and I-90 Northwest. The remaining 16 submarkets grew by an average of 4.3% over the same time period, with three submarkets experiencing growth of less than 1.0% - South Cook, Chicago North, and McHenry County. Another 18.8 million square feet remains in the construction pipeline, with 7 submarkets poised to add more than 1.0 million square feet each by the end of 2020.
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