CHICAGO-The vacancy rate for Chicagoland’s industrial market reached a 19-year high at the end of the fourth quarter, according to a Colliers Bennett & Kahnweiler Inc. study reported on by Crain’s Chicago Business. The vacancy rate sits at 12.2%.

Manufacturing facilities and warehouses increased from 10.3% at Q4 2008, and from 11.9% in Q3. Additionally, demand for space lessened by 3.8 million square feet. Net absorption has not increased in two years.

“We are likely to continue to bump along in 2010,” says principal David Bercu, in the report. “Pushing rocks up hills.”

Market activity declined 15% throughout 2009 to 38.6 million square feet. This figure is down 35% from the peak in 2005, when there was 59.5 million square feet in the market.

To read the rest of the report in Crain’s Chicago Business click here.

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