NAI Hiffman is pleased to present its Second Quarter 2015 Market Peek, a first look at the market statistics for the Chicago Metropolitan industrial and office real estate markets.
Industrial Market Continues to Ride Up Cycle
Second quarter positive absorption of 4.4 million SF boosted the year-to-date absorption total to 7.8 million SF.
The industrial vacancy rate improved 10 basis points from the previous quarter, posting 7.7% vacant at the end of the second quarter for the overall market. Several submarkets are very tight with a rate less than 6%.
Construction deliveries for the second quarter totaled 2.9 million SF, bringing the year-to-date total to 6 million SF. Projects under construction total 11.6 million SF.
CBD and Suburban Office Markets Post Positive Net Absorption Year-To-Date
The Chicago suburban office market year-to-date absorption totaled 130,000 SF, largely due to strong demand for class "A" space. The vacancy rate measures 18.37% for the overall suburban office market and 15.43% vacant for class "A" space.
The Chicago downtown office market posted positive net absorption second quarter, driving the year-to-date figure to 500,000 SF. The vacancy rate improved second quarter, declining to 11.5% vacant. Three of the the five CBD submarkets posted a vacancy figure less than the overall rate, ranging from 9 to 10 % vacant.
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