It seems like market activity is improving. In the second quarter of this year we saw a leveling out of the vacancy rate for the entire Chicago industrial real estate market and we experienced a drop of 2.7% in the vacancy rate in the I-55 corridor.
I have seen an increase in activity on my listings and word from our capital group is that financing is starting to free up . Hopefully that will translate into more qualified buyers of industrial property. The overall tone that I hear from speaking with business leaders/owners is that they are cautiously optimistic. With regards to leasing, companies are more willing commit to longer terms versus a year ago when the average industrial lease renewal was one year and new industrial leases were averaging 2-3 years.
The Grubb & Ellis Chicago Industrial Market Trends will be out soon for the third quarter. You can always see current and past market reports on my real estate news page at http://www.industrialrealestateinfo.com/.
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