ROSEMONT, IL—Industrial real estate fundamentals in the Greater Chicago market – and nationwide – have continued to see notable improvement during the past 18 months. As a result, commercial real estate professionals have begun enjoying the return of traction when it comes to making deals. Cushman & Wakefield’s Britt Casey, executive director, and his team, for example, say they have completed more than 60 industrial leasing and sale transactions totaling about 4.8-million-square-feet and valued at more than $99 million during that time. This made Casey one of the firm’s top 20 industrial advisors nationwide. He spoke with GlobeSt.com on current regional conditions and what the future holds.

What are the current industrial fundamentals in the Chicago market?By mid-year, the vacancy rate in the Chicago industrial market dropped to 7.0%, which represents the lowest rate recorded since the third quarter of 2001, when the vacancy rate measured 5.6%, and is just below the current national average of 7.2%. Weighted average direct net rental rates have now risen to pre-recession figures and ended the second quarter at $4.53 per square foot, which is 6.1% higher than at the same time last year.

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