With a robust economy, great access to transportation and a wealth of industry-specific research, warehouse chicago for sale is one of the world’s leading logistics centers. As the nation’s third-largest metropolitan area, Chicago also boasts a wide range of commercial property opportunities that are sure to appeal to businesses looking to relocate or expand.
What is the best type of warehouse?
Demand for industrial space has helped fuel record-breaking warehouse development in a number of key markets, including Chicago. In 2022, developers broke ground on an unprecedented number of local buildings totaling 31.8 million square feet on a speculative, or “spec,” basis–buildings that don’t have tenants committed to occupy them.
This was up from 22.2 million square feet in 2021. While escalating land costs have slowed some projects, they haven’t put any restraints on new-build warehouse activity in Chicago.
Vacancy Rates for Warehouse Space Stay Low in Chicago
Even as economists warn of a recession, the local industrial vacancy rate continued to fall to 4.50% in the fourth quarter. That’s the second-lowest vacancy rate on record, according to Colliers International.
Despite the low vacancy rate, landlords have still been able to hike prices for warehouse space. In some cases, 2% to 3% escalations are now the norm, said Craig Senner, director of investment sales at Prologis, the largest warehouse owner in the world.
That’s why if you’re planning to buy or lease warehouse space in Chicago, it’s crucial to have the right professionals by your side. With Coldwell Banker Commercial in your corner, you’ll be able to make the best decision for your business and navigate the complex commercial real estate market.