CHICAGO—Bruce W. Duncan has led FirstIndustrial Realty Trust, Inc. as its president and chiefexecutive officer for seven years, but says he plans to retire byyear-end 2016. Officials of the Chicago-based owner, operator anddeveloper of industrial properties say the board of directors willchoose Duncan's successor andconsider internal and external candidates for the position. Thecompany has hired Korn Ferry, a global advisoryfirm, to assist in the search.

Duncan will still play a role at the company and has beenappointed chairman of the board. Previous non-executive chairmanEd Tyler will continue to serve as a board member.The independent directors of the board appointed JohnRau, the chair of the nominating and governance committeeof the board, to the position of lead independent director. Rau hasserved as a director of First Industrial since 1994 and previouslyserved as chief executive officer of LaSalle Bankand Chicago Title and Trust. He is currentlypresident and chief executive officer of Chicago-basedMiami Corp., a private asset management firm.

Industrial demand has intensified in the US, pushing downvacancy rates and exerting upward pressure on rental rates, andFirst Industrial has been riding that wave. As reported inGlobeSt.com, at the end of 2014 occupancy in its properties was at 94.3%, compared to92.9% at the end of 2013, generating solid increases in netoperating income.