CRE MARKETPLACE (pg.15): ROOFING COMPANIES/ TAX INCENTIVES/ ARCHITECTS/DESIGN-BUILD FIRMS/ BROKERAGE FIRMS/ CONSTRUCTION COMPANIES/GENERAL CONTRACTORS/ CONTRACTORS/ DEVELOPERS/ EDCS/ FINANCE & INVESTMENT FIRMS
VOL.31 NO.6
THE LEADING NEWS SOURCE FOR INDUSTRIAL REAL ESTATE PROFESSIONALS & USERS
NOVEMBER 2021
Chicago’s biggest industrial developers discuss successes in 2021 and offer insight for next year
Photo by Tiger Lily from Pexels.
By AJ LaTrace, Managing Editor y the time you are reading this story in print, we’ll be just days away from 2022. While we haven’t turned our calendars over just yet, it’s clear that 2021 was a banner year for the Chicago industrial real estate market. We witnessed a 20-year record low vacancy rate, record leasing activity, big absorption numbers, and continued rent growth. It’s a great time to be an industrial landlord.
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The Chicago market — like many other major metros across the nation — is in the midst of what could be considered a once-in-a-generation industrial boom and there’s
almost an unlimited pipeline of institutional money being pumped into the asset class to capitalize on the moment. And with this pace of new spec development and leasing demand, we can almost guarantee that 2022 will be another big year, granted there are no other major economic calamities. Through the course of this year, we have spoken with some of the region’s biggest industrial players for various issues of Chicago Industrial Properties, so we felt it was as good a time as ever to reconnect and get a recap on this year and predictions for industrial in 2022. Spoiler alert: confidence CHICAGO (continued on page 10)
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2021 By the Numbers: Here are the Chicago area’s biggest industrial leases and construction completions of the year By AJ LaTrace, Managing Editor
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he year is nearly over but it’s safe to say that 2021 is one that will be remembered for many years to come by commercial real estate professionals. As developers rush to complete new projects and client tenants compete for highly coveted Class A space, it’s as though the market can’t seem to expand fast enough. There has been a common theme in each quarter of 2021: dramatic demand.
INDUSTRIAL (continued on page 12)