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Chicagoland Industrial Real Estate Report


Chicagoland Industrial Real Estate Report
The Economy
The unemployment rate is down to 7.2%.  There is slow growth in the metro area while there appears to be a huge boom in the City of Chicago.
Both local and state governments are burdened by debt and pension obligations from decade of mismanagement and facing tax increases and service cuts. 
Outlook
REIS predicts a modest employment increase this year and a greater increase next year.
The Industrial Real Estate Market
Consensus among researchers is that the industrial warehouse/disruption space is part of an ongoing positive trend of higher rents and less vacancy.  The local Flex/R&D market remains weaker with smaller rent increases and increasing vacancy.   
Occupancy
REIS reports a vacancy rate of 13.7% for Chicagoland’s warehouse/distribution space for the second quarter of 2014.  For Flex/R&D space has increased to 17.6% up 20 basis points during the quarter.
Supply and Demand
Warehouse/distribution net absorption has been significantly positive, despite extensive vacancy the preference for modern space means new supply often drives absorption. 
Flex/R&D net absorption was negative and has been slightly negative over the past 4 quarters.  Demand has not turned around for this area’s older space ... more

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