Chicago industrial rents continue to rise as occupier demand shows no signs of waning
The Chicago industrial market witnessed a continued swell in pricing in the fourth quarter, reaching a record of $5.90 per square foot (psf) and increasing 17.3% year-over-year. The market observed more than 17.1 million square feet (msf) of net absorption for the year, eclipsing the 15.6 msf recorded in 2020. Increased demand for space has suppressed vacancy levels to 8.0% this quarter, down 140 basis points (bps) from the close of 2020. Quality options remain available for active tenants in the market, due in part to the more than 28 million square feet of new product currently under construction.