CHICAGO—Researchers have tabulatedthe first quarter data for the Chicago region's industrial market,and its long run of superb numbers has continued. The firstthree months of 2017 saw 3.5 million square feet of net absorption,the 28th consecutive quarter for positive growth,according to a new report from Newmark Grubb Knight Frank. That is 3% higher than last year's firstquarter, and brings the total for the past year up to a 14.5million square feet. The vacancy rate was just 7.6%. In the pastseven years, that percentage has dropped 430 bps.
Not surprisingly, the intenselevel of demand means developers have also been extremely active. About 4.8million square feet of new space, much of it designed fore-commerce or logistics, came online in the first quarter, NGKFfound. And since the end of the recession, area developers haveconstructed 66.9 million square feet of new space.
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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.
