Investing in industrial real estate in Chicago offers many benefits. The city's location in the heart of the Midwest serves as a key advantage, especially when considering the importance of reducing shipping distances to distributors. Additionally, Chicago has seen a 50% uptick in total industrial property sales during the 12 months ending in September, and unemployment dropped nearly 1%, to 4.0%, bringing it close to the national rate of 3.8%. Rental rates have also increased to $5.48 per square foot, continuing the area’s trend of industrial rent growth. In addition, industrial vacancies dropped by 1.3%, and more than 4.8 million square feet of industrial space was added via construction completions.
Sources:
JLL - Industrial Market Statistics & Trends - Chicago
Cushman & Wakefield - Chicago Industrial Snapshot