Brown Commercial Group, Inc. Partner Mike Antonelli represented Rhondarosa Properties, LLC and the buyer in the sale of an 18,240-square-foot industrial building with outdoor storage at 1306-1330 Pierson Dr. in Batavia.
The Central Kane/DuPage County submarket continues to see strong demand for industrial space and a low 3.6% vacancy. The submarket has a massive inventory base of 62.6 million square feet and had $543 million in sales over the past 12 months, according to CoStar data. Market pricing has jumped by more than 10% in some cases.
Average rents in the Central Kane/ DuPage County submarket are $7.60 per square foot, falling just below the metro average of $7.70. However, that represents a rise of 8.4% over the past year, well above the 4% average over the last three years. As more new buildings are constructed and vacancy flattens, rent growth is expected to moderate in the next three years, according to CoStar.
The submarket had 1.72 million square feet of construction completed over the past eight quarters, ending with Q1 2022 and another 2.62 million square feet in the pipeline. Approximately two million square feet is slated for delivery during 2022.
