Chicago has put up an impressive amount of industrial space throughout the past ten years, nearly 108,798,851 million square feet across 322 properties. The city is second only to Inland Empire, which came in at 131,712,325 million square feet across 307 properties, according to data compiled by Commercial Café.
Chicago benefits from being at the center of the Midwest and has a reputation for distribution and manufacturing hubs. In the past decade, it has been the second most active market for the industrial sector and it doesn’t look like it will be slowing down. Some of the most notable projects include the 1.6 million-square-foot development at 2551 Logistics Drive in Joliet, Ill. completed in 2013, and the 898,560-square-foot Pinnacle Business Center in Romeoville completed in 2014.
When analyzing the 50 largest deliveries in the past decade, Wilmington’s RidgePort Logistics Center at 29901 South Graaskamp Blvd came in at number four on the list with 1.7 million square feet. Other projects that made the list were the Logistics Drive project in Joliet, Park 88on Macom Drive in DeKalb, Center Point Intermodal Center on Cedar Creek Drive in Joliet, Uline Corporate Headquarters in Pleasant Prairie, Commerce Center Business Park on Dralle Road in University Park, CenterPoint Intermodal Center on Walter Strawn Drive in Elwood and Uline Distribution Center Warehouse 2 in Pleasant Prairie.
The second largest project on the list was 301 South Tippecanoe Avenue in California’s Inland Empire with 2.1 million square feet. The largest project in the past decade was Goodman Cypress Creek Campus in Houston with 4.1 million square feet and was completed this year.
Besides Chicago and Inland Empire, some of the busiest markets include Dallas, Houston, New Jersey and Phoenix. Across the board industrial sales are expected to exceed 2016 levels this year, which would mean the second-best volume in 10 years. Large portfolio deals are also making a comeback, and investors are betting big on the market.
It’s hard to mention industrial and not immediately think of Amazon, especially since experts say demand in heavily influenced by the rise of e-commerce. The retail giant is on the lookout for a new, 8-million-square-foot headquarters which means cities are prepping and showcasing their best sites. Even without Amazon, demand is this sector is likely to keep growing to match the ever-increasing consumer demand.
