REmark: Speculative Industrial Construction
Since the beginning of 2015, the Chicago industrial market has added 41.01 M SF of new construction (which accounts for 3.30% of the entire 1.24 B SF metro Chicago industrial supply.) Of the 41.01 M SF of new supply added in the past two years, over one-third (14.36 M SF, 35.02%) is spec buildings over 300,000 SF. Of that subset, 41.57% (5.97 M SF) is currently vacant: 30.79% of 2015 completions (1.94 M SF of 6.30 M SF), and 50.00% of 2016 completions (4.03 M SF of 8.06 M SF). Overall vacancy in the industrial market is 6.58%.