Leasing

"The consistent message out there is everything is waiting for that shoe to drop on April 1."

"This suggests the average lease-up time for new speculative product following delivery in Chicago's industrial market is longer than other markets. This lease-up time will likely be extended further by the Coronavirus pandemic and ensuing economic response," Colliers states.

The largest transaction was the 21,895-square-foot lease extension with St. Joseph's Hospital at the 68,000-square-foot office building. Dentistry for Children also recently signed a new lease for 5,050 square feet at the complex.

Elegran, a tech-driven real estate brokerage firm headquartered in New York, is making an effort to preserve cash, negotiate vendor contracts, study available data and communicate with its clients to weather the effect of the coronavirus pandemic, says CEO Michael Rossi.

Recognizing the new realities of COVID-19, real estate augmented reality visualization platform RealAR recently partnered with location-based AR experience company tagSpace to launch a strategic partnership.

In this EXCLUSIVE, Randy Wood recently shared some insights on how COVID-19 is impacting the industrial market, trends in industrial leasing, the status of inventory and tenant space requests.