Suburban McCook a Hot Micromarket

CHICAGO—“I think the Chicago industrial market has improved dramatically over the last six months,” Brian Quigley, partner in Dermody Properties’ Midwest regional office tells GlobeSt.com. As reported in GlobeSt.com last week, the company just broke ground on LogistiCenter McCook, two spec buildings on 34 acres at the corner of 1st Ave. and 47th St. in the suburban McCook in the I-55 Corridor. “I think we lagged behind other core markets until mid-2013,” but now enough demand exists to even absorb the project’s 662,700-square-feet.

Quigley looks at McCook as a “micro-market” within the I-55 submarket, and one with tremendous potential. “There is very little existing product available; the vacancy rate is only about 2%. The available rate is essentially zero.” Furthermore, with only a few vacant plots left in McCook, “there are pretty significant constraints on new supply.”