Industrial leasing activity in the Chicago area has been on the up-tick throughout 2012, and no area has been hotter than DuPage County.
According to Jones Lang LaSalle research, the I-355/DuPage County Industrial Corridor saw more than 621,000 square feet of total net absporption during Q1, the most of any of the 11 Chicago-area submarkets that JLL tracks.
The number stands to increase even more by the end of Q2 thanks in part to two sizable leases completed by JLL industrial brokers Frank Griffin and Dominic Carbonari on behalf of their client, Cabot Properties, Inc.: A 106,731-SF lease to CoreCentric Solutions at 1575 Hunter Road in Hanover Park (photo above), and a 51,500-SF lease to Cary Co. in the Addison Industrial Park in Addison.
Dominic says small- to mid-sized users in the 50,000- to 150,000-SF range are driving most of the momentum.
“Things have definitely been on the up-swing over the past 12 to 18 months. Third-party logistics firms are driving part of the demand, and much of the rest is coming from independent manufacturers and other small businesses who are able to expand now that commercial lending has returned to some degree.”
Click here to access Jones Lang LaSalle’s most recent Chicago Industrial research report.