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ROMEOVILLE, IL-A 506,800-square-foot speculative industrial facility in Lakes Bluff Point Business Park is expected to be complete by February. The $17 million Bluff Point Three will be at the southeast corner of Joliet and Bluff roads. As completion nears for the building, developer Land and Lakes Development Co. continues to seek one to four tenants to fill the space.

“Right now, there isn’t a whole lot of interest or demand in that area,” says Peter Stadler, VP with Meridian Design Build, the project’s general contractor. “It seems there’s a lot of vacancies out there and not a lot of prospects to fill. It’s typical of what the economy has brought everywhere in the last six-to-nine months.”

The building offers four drive-in-doors, a 30-foot clear height, an ESFR Sprinkler System and provisions for up to 168 exterior docks with ample trailer parking. The building is in the west suburban submarket, which developers thought would have great demand for this type of property when its planning began more than a year ago and construction started in spring, Stadler says.

He declined to comment on asking lease rates for the space, but average asking lease rates in the area are around $4 per square foot, net, according to Cushman & Wakefield market research. The area’s occupancy rate in Q3 was around 87%, the research says.

“It’ll probably take till the fourth quarter of 2009 before things start getting back up,” Stadler says. “That’s also dependent on whether existing prospects and tenants are able to complete leases. Until we get absorption, the leasing market won’t come close to getting resurrected.”

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