Chicago industrial market exhibits continued strength in the face of economic headwinds

The fundamentals of the Chicago industrial remained steady in Q1 2023, in stark contrast to other asset types. Overall vacancy remained well below historical averages, falling 40 basis points year over year to 4.7%. The construction pipeline remains robust as developers respond to the continued elevated demand for quality, well-located space. Available options were nearly nonexistent for some specialized building types, including those incorporating freezer and cooler space. Deal volumes remained healthy in the first quarter, led by Target Corporation’s 1.2 million square foot lease at the Rock Creek Logistics Center in Joliet.

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