It has been a good year for Chicago industrial property owners, according to Transwestern‘s recently released 2015 Third Quarter Chicago Industrial Market report.
The firm’s research shows that landlords are benefiting from strong rent growth in several submarkets, the tightening occupancies, and the largest gains in investments since the recession.
Details in the report say that the real estate prices have improved, averaging $74.15 per square footage compared to $45.16 per SF year-over-year.
Overall vacancy is still decreasing, currently at 7.2 percent. Meanwhile, activity this year has doubled in the third quarter with 3.3 million square feet absorbed across all submarkets.
The report stated that there are 11 industrial properties under construction this quarter and altogether, total 36 projects that have broken ground since the start of 2015. And once the remaining are complete, 10 million square feet will be added to Chicago area’s industrial inventory.
You can read more about the Chicago market’s third quarter industrial activity here.