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Chicago Industrial Five Fast Facts


Find out in our Five Fast Facts below or download the report. 

  1. New Leasing Moderates, Still Above Pre-Pandemic Levels: 
    New leasing totaled 17.2 msf through mid-2023, down 32.8% YOY. The 8.9 msf leased during Q2 2023 is 7.0% up from last quarter. This represents an increase over the pre-pandemic quarterly average of 8.4 msf.  

  2. Manufacturing Jobs Increases: 
    Industrial-using employment was led by the manufacturing sector, which added 1,700 jobs between January through May 2023.  

  3. Available Sublease Space Increases: 
    Available sublease space increased 83.5% YOY to 5.4 msf, of which 1.1 msf is vacant. These subleases have been smaller in nature, with a current average size of 72,000 sf.  

  4. Transportation and Warehousing Users Dominate New Leasing: 
    Users within the transportation and warehousing industry accounted for 40.6% of new leasing. Notable users who leased space include TAGG Logistics (795,954 sf) and Saddle Creek Logistics (712,380 sf). 

  5. Speculative Construction Rises: 
    Speculative construction remains elevated across the market, totaling 23.4 msf, which represents an increase of 9.1% YOY. Of this product, 13.8% is preleased.  
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