Industrial spec development returns in Chicago area

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The recent news that developer Ryan Cos. is planning to break ground on a 600,000-square-foot spec warehouse in Romeoville is among the first tangible evidence that speculative industrial development is back in Chicago.

Keith Stauber, Midwest regional managing director of Jones Lang LaSalle’s Industrial Services division, says he expects to hear more such announcements in the coming months.

“Only five new buildings larger than of 500,000 SF or more are left in the whole Metro area and there are deals pending on two of those. Just 18 months ago, there were 12 options. The increased demand is coming from the food and beverage industries as well as consumer product makers and 3PLs.”

You can read the full story about the project in Crain’s Chicago Business here.

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