In the first quarter of 2017, the I-55 submarket in Chicago continues to show demand by both users, owners and investors. Although vacancy crept up slightly from 7.5% to 7.7%, activity in the market was brisk with over 1.2 million square feet of leasing, most of which has occurred in the last month of the quarter. To further bolster confidence in the submarket, we’ve seen over 2.5 million square feet of national and regional tenants surveying the market for possible opportunities to grow or relocate their businesses. Developers continue to see promise and longevity in this market upturn with over 2 million square feet of class A industrial buildings currently under development. Overall, Cawley Chicago has seen a mix of both companies relocating to the market and numerous companies expanding a long-standing footprint. If you’d like to know more information about the market or new trends that are taking hold feel free to call or email.
Matt Garland | I-55 Industrial Specialist