JLL announced a 416,504-square-foot lease for RJW Transport at 50 Southcreek Parkway in Romeoville, Illinois, making this the largest new lease in the I-55 Corridor this year. The deal symbolizes what has been a monumental year for the logistics and warehouse provider. In 2018 alone, RJW has taken nearly 1.2 million square feet of new space in the I-55 Corridor, further reinforcing Chicago’s competitive strength as the nation’s second largest industrial market.
“This is the third major lease for RJW this year, and it just goes to show there’s tremendous momentum in the market right now,” said JLL executive vice president Dominic Carbonari, who represented RJW Transport in the lease. “The Chicago industrial market is hotter than ever, fueled by the demand of logistics providers like RJW who are continuing to invest and see Chicago as a vital market for the industrial supply chain.”
In January, RJW signed its first lease of the year for 356,621 square feet at 2601 International Parkway in Woodridge, Illinois. In April, they took on their second lease for 405,844 square feet at 1000 Veteran’s Parkway in Bolingbrook, Illinois, the largest lease of the second quarter this year.
“This has most certainly been a significant year for RJW, and we are confident that the explosive growth we are experiencing will continue into next year,” said RJW’s chief executive officer Kevin Williamson. “JLL has been a key partner in helping deliver space that is critical to our growth, and they have been supporting our needs for more space almost quarterly.”
RJW represents three of the 10 leases over 100,000 square feet that have been signed in the I-55 Corridor this year. According to JLL research, overall occupier demand across the Chicago market remains healthy with over 15 million square feet of positive net absorption posted year-to-date. Despite an influx of new speculative supply, the overall market vacancy rate remains healthy, hovering in the mid six percent range.
