Chicago's industrial subleasing landscape: Trends, hotspots and dominant industries
![Chart shows industrial subleasing activity by submarket and by industry throughout the Chicagoland area](/documents/91120/193648628/Chicago+industrial+sublet+leasing+-+12.11.23_2.png/591c26b0-fddc-aa5f-3fdf-2e165838fb1d?t=1702491033546)
- YTD 2023 sublet availability across the Chicago market has increased nearly 40% since Q4 2022 with a total of 3.7 msf currently vacant or 47% of all available sublet space.
- A total of 5.4 msf of sublet space has been leased throughout Chicago since Q1 2022, with the top 5 submarkets accounting for 76% of all sublet leasing. Among these submarkets, the south I-55 corridor has emerged as a hotspot for subleasing activity, accounting for 2.2 msf or 42% of all sublet leases. South I-55 has remained one of the most active submarkets within Chicago with low vacancy, strong tenant demand and convenient access to the major north-south interstate of I-55.
- Logistics, distribution and parcel delivery companies have dominated subleasing activity throughout the market, representing 48% of the 5.4 msf of sublet leases. NFI , a national 3PL company signed the largest sublease in March of 2022 taking an additional 997,802 sf within South I-55. The top 5 industries of sublet leasing activity accounted for 84% of all subleases.
December 13, 2023