Chicago industrial market fundamentals exhibit no signs of a slowdown despite wobbling U.S. economy

While economic uncertainty reigned amid high inflation and a probable recession, the Chicago industrial market is on track for now. Asking rental rates at industrial properties across Chicagoland ticked upward in the third quarter, increasing 3.4% quarter over quarter to $5.40 per square foot (psf). While rents have increased over the past 24 months, Chicago market rents are well below U.S. coastal markets, where rates were sometimes observed several multiples higher. While a four-quarter streak of declining vacancy was snapped, the market’s 4.8% vacancy rate remains well below the long-term average.

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