JLL named Chicago as one of the industrial markets to watch in its 2024-2025 Industrial Tenant Demand Study. Why? JLL pointed to both e-commerce companies and manufacturers working in the electric vehicle space as fueling demand in the Chicago industrial market.
According to JLL, the Chicago market represented more than 6% of national industrial demand as of the fall of 2024, with requirements exceeding 48 million square feet.
This last number is significant: Requirements in the Chicago industrial market are up 105% this fall on a year-over-year basis, according to JLL’s research.
JLL pointed to growth in manufacturing demand, the area’s strong labor and access to utilities, and strong intermodal systems as three factors in the industrial market’s strength.
According to JLL’s numbers, manufacturing requirements in Chicago have surged by 91% on a year-over-year basis, accounting for more than 28% of this year’s industrial demand.
What industries are seeking the most space in the Chicago industrial market? Those providing consumer products are leading the way, accounting for 13.4% of the industrial demand in the Chicago market as of this fall. Food & Beverage companies ranked second, accounting for 12.4% of demand, while those in the construction, machinery and materials industry account for 11.7% of industrial demand.
Coming in fourth are companies in the 3PL and logistics-and-distribution space, accounting for 10.8% of demand, and those operating in the e-commerce arena, companies that account for 9.4% of demand.
