CIP MARKETPLACE (pg.14): CONSTRUCTION COMPANIES/GENERAL CONTRACTORS COMMERCIAL LENDING EDCs ENVIRONMENTAL/ ENGINEERING/ GREEN FIRMS REAL ESTATE LAW FIRMS
VOL.36 NO.1
THE LEADING NEWS SOURCE FOR INDUSTRIAL REAL ESTATE PROFESSIONALS & USERS
FEBRUARY 2026
Less Speed, More Strategy: A 2026 forecast for Chicago’s industrial market
The Cubes at ORD. Photo Courtesy CRG
By Brandi Smith
F
or years, Chicago’s industrial market was defined by how fast developers could build. Heading into 2026, it is increasingly defined by how many projects cannot move forward. Demand isn’t lacking; instead land, power and execution have become gating factors. After an unprecedented surge in industrial demand reshaped Chicago’s logistics landscape, the coming year is less about acceleration and more about discipline. Leasing activity has shown
renewed momentum, vacancy remains within historically healthy ranges and capital is available. What has changed is not the presence of demand or capital, but the conditions required to deploy them. “One underappreciated aspect of Chicago’s industrial market is how diverse and resilient it is,” said Steve Schnur, Chief Operating Officer of CRG. “We’re not just an e-commerce or logistics story – we have man-
ufacturing, food processing, transportation, tech, and more all thriving here.” Chicago’s diverse industrial base has helped steady tenant demand even as decision-making slowed. Several market participants point to delayed expansions FORECAST (continued on page 10)