Chicago big box leasing activity continues to thrive

• Big box leasing activity has continued to be a driving force for the strong demand seen within the Chicago market. Over the past 12 quarters, Q3 2021 through Q2 2024, signed leases comprising 500,000 sf or more totaled 46.7 msf. Activity for leases comprising 1 msf or more nearly doubled during Q3 2021 through Q2 2024 when compared to leases of the same size signed during 2017-2019. Overall, big box leasing volume is up 51.7% when compared to pre-pandemic activity from 2017-2019.
   
• The I-80 and South I-55 corridors continue to be highly sought-after submarkets by big box users, with the I-57 corridor emerging as a new infill submarket. Leasing activity in South I-55, I-80 and I-57 accounts for 65% of all leases comprising 500,000 sf or more that were signed in the past 12 quarters. Notably, the South I-55 corridor saw the most significant increase in big box demand, increasing 123% compared to pre-pandemic volume.

August 12, 2024

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