The Chicago-area industrial vacancy rate decreased by 20 basis points during the final quarter of 2013 to 8.3 percent as more than 5.2 million square feet of vacant space was absorbed. That’s according to NAI Hiffman’s Year-End 2013 Market Peek, a sneak peek at the market statistics for the Chicago metropolitan industrial real estate market.
Over the course of 2013, the vacancy rate has dropped nearly a full percentage point and 16.7 million square feet of space was absorbed, outpacing last year’s tally of 14.6 million square feet and 2011’s total of 13.9 million square feet, according to NAI Hiffman.
Currently, more than 8.6 million square feet is under construction throughout the industrial market, and 3.4 million square feet was completed during the fourth quarter alone, bringing the total delivered during 2013 to 11 million square feet, the most new construction activity in five years.
NAI Hiffman notes that the forecast for 2014 looks positive for Chicago’s industrial market, as the economy continues to improve and 2013 posted the strongest demand witnessed since 2007.
To view NAI Hiffman’s market peak, click on the image above.
For a complete list of year-end industrial market statistics, click here.