The vacancy rate for industrial property has been declining in Chicago, according to this article in RE Journals.com. Rents are edging up, and 9.8 million square feet of space has been absorbed in 2011, according to a study by Delta Associates, a research firm.
And based on research, the firm thinks the industrial market will remain strong in 2012.
Said Steve Schnur, senior vice president of Duke Realty’s Chicago operations:
“I think in the industrial side of our business, manufacturing has continued to be strong and probably more importantly, it seems like the consumer side is healthier than it was in the last few years. That consumption is what leads to more and more product being needed in the warehouses. As we see the consumer become more and more prevalent, that just bodes well for the industrial side of our business.”
Hot areas: I-55 and I-88 corridors, along with areas near O’Hare Airport, according to the article.