VACANCY REFRAMED
Understanding Supply, Concentration, and Market Momentum in Chicago
As of Q1 2026, Chicago’s industrial vacancy rate increased to 4.8%, its highest level since 2017. Yet the headline figure only tells part of the story. While elevated vacancy is largely driven by recent speculative development, it doesn’t always reflect true availability. Leased-but-unoccupied space is still counted, and despite strong demand, many large leases have yet to commence occupancy, inflating vacancy in select submarkets and signaling tightening conditions.
This report takes a deeper dive into the forces influencing today's vacancy environment, what "vacancy" truly represents, what's driving it, and how market conditions vary across Chicago's industrial market.
