Brown Commercial Group negotiated an industrial lease at 415 Busse Road in Elk Grove Village, Illinois, to support an expanding kitchen and bath showroom business.
Broker Candace Scurto represented the landlord and the tenant, Cabinets City, in the transaction. The tenant has multiple locations in the Chicago area.
According to recent research from Colliers, the Chicago industrial market is shifting toward a more balanced equilibrium between industrial supply and tenant demand. The market-wide vacancy rate, currently at 5.29%, has been steadily increasing over the past five quarters but is expected to begin declining as less new space is delivered to the market.
The O’Hare submarket, however, has the fifth lowest vacancy rate in the Chicago market at 2.82%. That rate is expected to stay low for the near future, given the lack of construction in that submarket. While 19 new industrial buildings, totaling 6.6 million square feet, were completed across the Chicago market in the first quarter, there were no new buildings added in the O’Hare submarket.
