Welcome to Episode 15.5 of Real Time, JLL Chicago’s industrial podcast. In this episode, the team previews the Chicago market’s second quarter industrial statistics, breaking down everything from vacancy and absorption to investment sales and construction deliveries. The highlights:
- Market vacancy has stabilized and remains hovering, unbelievably, below 7 percent, with sub-5-percent vacancy in O’Hare!
- Q2 saw 9 million square feet of leasing volume, a number we haven’t seen since Q3 2016
- Construction has slowed down as developers become more thoughtful about where and how they build, a healthy sign for the market
- Tenants, especially in the bread and butter size range, are moving on up to new Class A product for the higher image, clear heights and finishes
Keep your eyes peeled for a detailed submarket report in the coming weeks!
Listen to this seven-minute podcast with the player above or click here.