Colliers Inks Industrial Leases Totaling 340,000 SF
“We continue to see the Chicago industrial real estate market performing with vacancy rates at levels not seen since 2001."
CHICAGO—The local industrial market continues to excel, as evidence by four new leases the Chicago Industrial Advisory Group of Colliers International recently closed. These deals total 340,000 square feet.
“We continue to see the Chicago industrial real estate market performing with vacancy rates at levels not seen since 2001,” said Tom Rodeno, executive vice president at Colliers, who played a role in all four recent transactions.
Apex has signed on to lease 106,848 square feet at 3701 Centrella St. in Franklin Park. The company will move into the new Class A space at the beginning of March, from its current 32,000 square feet. Colliers’ Tom Rodeno and Matthew Stauber represented both parties in this deal.
Creative Technology has inked a deal to lease 86,905 square feet at 2200 S. Mount Prospect Rd. in Des Plaines. The move will allow the company to expand its Midwest headquarters, from its current 59,000 square feet in Elk Grove. Colliers’ Stauber and Patrick Turner represented building owner BRE Alpha Industrial/Gateway Industrial Properties, while Rodeno represented the tenant.
Crimson AV has also signed a lease that will allow the company to expand its headquarters. The company will take 84,087 square feet at 500-512 Lindberg Ln. in Northbrook. In the next few months the company is expected to move from its current 50,000 square feet in Glenview. Rodeno and Turner represented the tenant while am Badger and Jared Paff of CBRE represented building owner, Zilber Property Group.
Lastly, Taiki USA leased 60,792 square feet in the West O’Hare Commerce Center in Arlington Heights, IL. The company plans to move from its current space at 1090 Fargo in Elk Grove Village to the larger space in July. Colliers’ Rodeno and Jim Estus represented building owner, Hamilton Partners, while Mike Sedjo of CBRE represented Taiki.
As GlobeSt.com reported earlier in the month, all signs point to a robust year for the Chicagoland industrial market. According to Q4 market reports vacancy has decreased, rental rates have increased, and unemployment continues to fall as well.