Marina Crossing Chicago

January 11, 2019 Comments Off on Spec Industrial Ramps Up Across Chicago Region Views: 590 Chicago News, Top Chicago

Spec Industrial Ramps Up Across Chicago Region

Chicago’s industrial pipeline is more than twice as full as a year ago, Colliers International reported. As 2018 ended, 60 buildings totaling 18.9 million square feet were going vertical, compared to 8.9 million square feet at the end of 2017. Starts were also 74% ahead of year-ago levels.

Of that total, 12.8 million square feet, or 68%, was represented by speculative projects. Among these buildings, 12.3 million square feet of vacant space will be added to the market when completed, unless buildings are pre-leased over the coming months, according to Colliers. As it is, just 16% of 2018’s spec deliveries have been leased.

The fourth quarter’s largest completion was Marina Crossings (pictured), a 633,057-square-foot project in McKinley Park that represents Chicago’s largest spec project in decades. At Q4’s end, the largest industrial project under construction was another spec build, LFI Real Estate’s 879,040-square-foot project in Monee’s Bailly Ridge Corporate Center.

Read more at Colliers

Connect With Colliers Chicago


Get Chicago News in 150 Words

For comments, questions or concerns, please contact Paul Bubny

Tags: , ,

Comments are closed.

Send this to a friend