The Record-Setting Real Estate Cycle Chicago Market Overview

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Presentation transcript:

The Record-Setting Real Estate Cycle Chicago Market Overview Chicago Industrial Market The Record-Setting Real Estate Cycle Chicago Market Overview

Chicago Industrial Market Net absorption tops 10 million square feet in first half of 2017 Q2 Q1 Source: Colliers International Research

Chicago Industrial Market I-80 and I-55 Corridors record most demand 2017 YTD Source: Colliers International Research

560 BPS Chicago Industrial Market Industrial vacancy rate has dropped to 2001 levels 12.3% Overall Vacancy 6.7% 560 BPS since peaking in 2010 Source: Colliers International Research

Chicago Industrial Market Several submarkets with vacancy rates at/near record lows 5.5% Central DuPage 4.8% I-80/Joliet Corridor 4.2% North Suburbs 3.8% O'Hare Source: Colliers International Research

41 projects currently Chicago Industrial Market Speculative development outpaces build-to-suit projects 41 projects currently under construction Source: Colliers International Research

Chicago Industrial Market Southwest suburbs home to most development Source: Colliers International Research

Chicago Industrial Market New buildings getting bigger and bigger Source: Colliers International Research

Chicago Industrial Market 2017 new supply set to exceed 2016 record SPEC BTS DEMO Source: Colliers International Research

178 projects Chicago Industrial Market Spec development activity since 2013 178 projects totaling 49.5M square feet Source: Colliers International Research

Chicago Industrial Market Most active developers Q1 2013 – Q2 2017 Source: Colliers International Research

Chicago Industrial Market Average asking net lease rate steady Source: Colliers International Research

Chicago Industrial Market Average asking sale price dips slightly Source: Colliers International Research

Forecast: what to expect in 2017? Chicago Industrial Market Forecast: what to expect in 2017? Vacancy hits its bottom About 14 million SF of new spec construction (compared to 13.5 million in 2016) Continued significant absorption (likely below 2016 levels) Less contribution from e-commerce sector than in 2016, but still active Lease rates and sale prices continue to increase Source: Colliers International Research