Spec Development Coming to N. DuPage

Ridge plans to complete this building by September. Once complete, the developer could divide the building into spaces as small as 67,800 square feet.

CHICAGO—Industrial users throughout the Chicago metro area are clamoring for space, and even smaller submarkets like North DuPage County will soon see new construction. Ridge Development Co. recently closed on a 14-acre site within Brewster Creek Business Park in suburban Bartlett, and plans a 271,200-square-foot industrial spec development. The company has appointed Newmark Grubb Knight Frank as the exclusive leasing agent for the project.

“This market has tightened considerably,” NGKF’s senior managing director Adam Marshall tells GlobeSt.com. “The vacancy rate recently hit 5.7%, the lowest rate recorded in the past 10 years. If you are looking for more than 250,000-square-feet there are only two existing buildings that are somewhat modern, and one of those is about 15 years old and has a lower ceiling height.”