NAI Hiffman has released its first quarter statistics for Chicago’s office and industrial markets.
According to the firm’s industrial market review, the Chicago industrial market’s vacancy rate experienced a decrease to 9.0 percent. The Chicago area also ended the quarter with a positive net absorption of 4.4 million square feet. The market witnessed 2.7 million square feet of new supply and approximately 3.9 million square feet under construction.
The I-57/Will Corridor submarket ended the quarter with one of the highest vacancy rates at 16.0 percent, which was unchanged, and a net absorption of negative 3,000 square feet. The submarket with the lowest vacancy rate was Southwest Cook at 5.7 percent and a net absorption of 489,805 square feet.
To view the complete industrial market review, click here.
Metro Chicago’s office vacancy rate also declined in the first quarter to 16.67 percent, according to NAI Hiffman’s statistics. Net absorption was 614,166 square feet with 190,000 square feet under construction, while the asking rental rate decreased to $24.22.
Meanwhile, the suburban office market experienced a vacancy rate decline to 20.28 percent with a net absorption of 370,189 square feet. The asking rental rate in the suburbs also decreased to $19.79.
In downtown Chicago, the vacancy rate declined to 12.11 percent with a positive net absorption of 243,977 square feet. The rental rate downtown remained unchanged at $28.64.
To view the complete office market review, click here.
