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chi-4050RockCreekcopy (2) 4050 Rock Creek Blvd. is a 291,728 SF industrial facility in Rock Run Business Park, Joliet, IL being leased by Avison Young. It is in the I-80 corridor near I-55 and was built by IDI.

CHICAGO—The region’s industrial market continued to expand at a historic pace in the first quarter, and with tenant demand fueling strong leasing, all signs point to a very solid 2018. Leasing velocity increased by 36.4%, with 273 leases totaling 7.5 million square feet completed, according to research from Avison Young’s Chicago office. The volume of completed construction projects also increased — by 58.8% to 2.7 million square feet. And overall vacancy sank 40 bps to 5.9%.

Some of the most notable changes are happening in the O’Hare submarket, which saw 519,314 square feet of absorption and had a vacancy rate of just 4.5%. Developers there also had 1.84 million square feet of new space underway at the end of the first quarter, an increase of 625% year-over-year.

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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.

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