Industrial buildings in the Chicago area are as full as they have been in nearly four years amid strong demand for space among manufacturers, retailers and shipping firms.
The vacancy rate at Chicago-area industrial properties fell to 10.2 percent in the second quarter, down from 10.7 percent in the first quarter and 11.8 percent a year earlier, according to Seattle-based brokerage Colliers International. The rate hasn’t been that low since third-quarter 2008, when it was 9.9 percent.
Demand, as measured by net absorption, was just over 6.5 million square feet in the quarter, the second-best quarter for absorption in six years.
