CRE MARKETPLACE (pg.26): CONSTRUCTION COMPANIES/GENERAL CONTRACTORS ECONOMIC DEVELOPMENT CORPORATIONS FINANCE & INVESTMENT FIRMS REAL ESTATE LAW FIRMS VOL.34 NO.2
THE LEADING NEWS SOURCE FOR INDUSTRIAL REAL ESTATE PROFESSIONALS & USERS
MARCH/APRIL 2024
Vacancy to vitality: Chicago’s industrial market poised for rebound
The Cubes at ORD.
By Brandi Smith
C
hicago has weathered its share of storms, flurries of economic fluctuations, and global uncertainties. Its industrial real estate market has demonstrated remarkable resilience in the face of those challenges, faring better than many other markets.
good. I see a lot of promise for the second half of 2024. I see even more promise for the first half of 2025.”
“I'm a developer at heart, so I always see the glass half full,” said Susan Bergdoll, Senior Vice President & Partner for CRG’s Midwest region. “I choose to see the
“No one complained about where the market was then,” Bergdoll said. “The market is still good.”
Bergdoll said she often finds herself reminding others that while 2024’s metrics may differ from those in 2021, they’re comparable to results in 2018 and 2019.
Vacancies remain relatively stable, especially in buildings 300,000 square feet and less, a segment of the market experiencing a shortage. “If you can find a site and put up a 250,000- to 300,000-square-foot building, you're going to lease it quickly because there just aren't a lot of opportunities like that, and many companies want newer modern real estate,” Bergdoll explained. INDUSTRIAL (continued on page 17)