chi-OpusJolietSpecIndustrial_Rendering (2) Although leasing slowed in 1Q, new construction has proceeded, including spec projects, such as this 36′ clear building in Joliet, IL, by The Opus Group.

CHICAGO—Leasing activity for the Chicago industrial market totaled a little more than 3.5 million square feet in the first quarter of 2017, 37.9% less than the total in the first quarter of 2016, according to a new market update from Cushman & Wakefield. Most observers, however, believe the slowdown is just a pause in transaction activity, and the market still has a healthy number of tenants actively looking for space.