Bridge Development Partners has secured over 1.1 million square feet of leases in the Chicagoland market during the first six months of 2020.
“Despite the immense challenges inherent to doing business over the last several months, our Chicagoland team has been able to make significant progress on our developments and maintain an active leasing pipeline throughout the pandemic,” said Nick Siegel, senior vice president of Bridge Development Partners’ Chicago region. “Thanks to the continued demand for superior, state-of-the-art industrial facilities that allow for efficient storage and distribution of crucial goods to consumers across the country, we have been able to secure these significant leases across the region. I am extremely proud of our team for successfully navigating this unprecedented, highly tumultuous period, and am more confident than ever that we will carry this momentum into the second half of 2020 and beyond.”
Bridge’s leasing activity during the previous six months has resulted in securing tenants from a wide range of industries including e-commerce, international freight forwarding, global supply chain logistics, manufacturing, retail distribution and a Chicago-based event rental company. All are long-term leases ranging from 42,000 square feet to 576,000 square feet.
The Chicago industrial market has remained extremely active despite the pandemic, with increased nationwide demand for fast, efficient delivery of goods helping to drive interest from tenants of all sizes and industries.
“The arrival of the COVID-19 pandemic has altered the fabric of nearly every area of commercial real estate and thrown tremendous uncertainty into our economy and everyday lives,” said Steve Poulos, CEO and Founder of Bridge. “It has also accelerated a number of market dynamics that were already in motion, including consumers’ mounting shift toward e-commerce, that are helping to fuel the tailwinds bolstering the industrial sector. These recent agreements in the Chicagoland area are a testament to the incredible resiliency of our business, and we are now more bullish than ever about its continued strength in the years to come.”
Bridge, who was named NAIOP Chicago’s 2019 Developer of the Year, currently has over 2 million square feet under construction in the Chicagoland area, including its recent acquisition of Bridge Point I-355, a future 133,100-square-foot, Class-A industrial development in Lombard; Bridge Point Itasca, a three-building, state-of-the-art industrial campus in the DuPage County portion of the O’Hare submarket with over 618,000 square feet still available and Bridge Point North Business Park Phase III, four state-of-the-art facilities totaling 919,281 square feet, which represents the final phase of the master planned business park in Waukegan.