Third quarter trends our out for the Chicago industrial market and the overall vacancy rate in Chicago dropped 20 basis point to 11.9% the lowest vacancy rate that we have seen for the entire Chicago industrial market since the 4th quarter of 2009.
The I-55 corridor vacancy rate dropped to 11.3% marking the the second consecutive quarter of declining vacancy in this submarket and the lowest vacancy rate since the 4th quarter of 2007 when the vacancy was at 9.7%. I think we will continue to see a decline in of vacancy rates as owners/investors continue to lease up property while holding off on any speculative development at this time.
To view Grubb & Ellis industrial market trends for the Chicagoland area and for the I-55 corridor, please visit www.industrialrealsetateinfo.com
Wednesday, November 10, 2010
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