CHICAGO-The area industrial market continued its 2004 decline in the third quarter, according to CB Richard Ellis, with the overall vacancy rate increasing to 9.4%. The vacancy rate has increased over each of the last three quarters, CB Richard Ellis says, with the far southwest suburbs seeing jump of nearly two percentage points to 17.4%.

“Large corporate consolidations in the I-55 Corridor greatly contributed to the increase in vacancy rates in the far southwest suburban submarket, in addition to a significant amount of new product that came online in the third quarter,” says CB Richard Ellis first vice president Dave Prioletti, SIOR. “Further adding to this figure in the southwest market is the unexpected early departure of Central American Warehouse, a 650,000-square-foot property in the Carlow Corporate Center of Bolingbrook, with its consolidation into other existing leased and owned facilities.”

Meanwhile, the strongest submarket is the near west suburbs, where the vacancy rate hovering at 7.2%.

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