Chicago industrial deliveries slow while vacancy remains stable

• Construction activity surged in 2023, delivering 35 msf of new inventory to the market. Despite this increase, overall vacancy remains stable at 5.6%, significantly lower than the national average of 8.3%.
   
• Year-to-date a total of 10.9 msf delivered to the market, with only 4.9 msf over 500,000 sf, down significantly from the year prior of nearly 20 msf of big-box inventory.
   
• Construction activity continues to decline, down 30% from Q4 2023, with 11.2 msf currently under development. This marks the lowest level since 2013 and underscores the potential severity of a space gap the market may face over the next two years as leasing activity remains robust.

October 31, 2024

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