For Chicago’s Spec Industrial Submarkets, This Is Not A Repeat Of 2008

June 25, 2020

How will the recession affect Chicago’s booming industrial submarkets, like the I-55 and I-80 corridors? When RE Journals was looking for answers, we connected them with Jason West, vice chair of the Chicago office of Taylor Johnson client Cushman & Wakefield. West said supply and demand are more in balance now than in the last recession, when vacancy was higher and deals were highly leveraged. Underscoring the strength of the Chicago industrial market, there was 24 million square feet of industrial leasing activity in the first four months of 2020 alone compared with 34 million square feet for all of 2019. We’re on more stable ground now than in 2008, West believes, and can absorb product that’s coming — or coming back — to market. Read the story here.

Bolstered by e-commerce, industrial real estate has proven resilient during the COVID-19 pandemic.


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