Industrial Vacancy Rate Declines in Q3

CHICAGO-Led by growth in the southwest suburbs and a tight market on the North Side of the city, industrial vacancy in the market declined in the third quarter to 9.4%, according to a report by CB Richard Ellis, Inc. ¡°We¡¯re not breaking any of the record activity levels set in the mid-1990s, but Chicago¡¯s industrial property market is riding out the economic downturn relatively intact,¡± says managing director Jeffrey Barrett.

Meanwhile, double-digit vacancy rates are seen west and northwest of the city, led by north DuPage County at 15.2%, according to the report. Next on CB Richard Ellis¡¯ list is northwest Cook County at 13%, with the O¡¯Hare area checking in at 11.9%. Further west, north Kane County¡¯s vacancy rate is 11.5%.

Vacancy on the city¡¯s North Side was just 7.6%, according to the CB Richard Ellis report, just besting central DuPage and central Kane counties at 7.7% and the west suburbs at 8%.