CHICAGO—The Chicago area industrial market has recentlyexperienced a noticeable bump in activity, including a boost ininvestment and a decline in the vacancy rates of many submarkets.And the better economic conditions may have had an even biggerimpact on certain sectors, such as food production or packaging,that typically have to expand in good times and bad, due to thegrowing population.
“We're seeing many more food-related users,” BarryMissner, the president of the MissnerGroup, tells GlobeSt.com. As reported yesterday in GlobeSt.com, the Skokie,IL-based real estate developer, is putting the finishing touches onthe $35 million repurposing of a 532,560-square-foot industrialbuilding at 1001 W. Crossroads Parkway in suburban Romeoville forPeacock Engineering Co., a specialist in foodpackaging. Located in Prologis Park 55, it was thesecond largest industrial lease in the I-55 corridor during2013.
“It's an always-growing industry,” Missner adds, but theeconomic crisis derailed a lot of plans, and “maybe, there is now alot of pent-up demand for capital expenditures.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
