Craig Hurvitz

Just pushed out my first U.S. industrial stats update! Demand continues to normalize, and vacancy is climbing nationwide due to record new supply. This is expected to continue into 2024 while the construction pipeline contracts and the balance between supply and demand resets.

New supply exceeded demand in Chicago's industrial market for the second consecutive quarter as developers pushed to deliver a record amount of modern speculative product. See all the trends and the forecast in our mid-year report: bit.ly/3Dwx23Q

Colliers REvelation: New industrial leasing in Chicago's industrial market was down 24.2% during the first half of 2023 compared to the first half of last year. While it fell in all size categories, the largest drop was for leases between 100,000 and 199,…lnkd.in/gHV_yqN2

Industrial demand totaled 4.5 MSF during Q2, bringing the tally for the first half of 2023 to 11.9 MSF – half of last year's 23.8 MSF during the first two quarter of 2022. See all the stats: bit.ly/3O6rBPd lnkd.in/gvYfEUGb

Warehouse hiring cools off following 3-year period of fierce competition and hiring perks. lnkd.in/gEdh2A6h

Six new leases greater than 200,000 SF were signed in recent spec projects during Q2 despite a 43% drop in overall new leasing compared to last quarter. See all the trends with industrial development in Chicago: bit.ly/432Apdj lnkd.in/g7UErpim

Tenants signed leases for 48% more space in modern buildings during Q1 despite the big box vacancy rate climbing for the fourth quarter in a row. See the trends in Chicago's biggest buildings in our latest Big Box Industrial report. lnkd.in/g_QWMZwY

Tenants leased the most space in three quarters while developers delivered a record amount of spec construction, pushing up vacancy. Dig deep into submarket stats & trends in Colliers' Q1 Chicago industrial report: bit.ly/3LzQj9n

The Industrial vacancy rate bumped up in Chicago's market during Q1, but that was expected with so much speculative space being built. lnkd.in/g-7ZkSNm

Industrial new leasing volume picked back up again during Q1, totaling 12.1 MSF among 127 new leases – a 30% increase over last quarter. Developers delivered a record amount of new spec construction, pushing the vacancy rate up slightly for the first time…lnkd.in/gVW7NiK6

Demand for modern industrial product in Chicago grew during Q1, as tenants signed 24 new leases totaling 6.1 MSF in recent spec, doubling last quarter's tally. 33 MSF is under construction, 27.5 MSF of which is being built on spec that's 16% pre-leased. G…lnkd.in/eRnp_uyK

2023 industrial leasing started strong, with 3 mega-sized new leases signed during the first two months of the year. Since 2020, an astounding 52 new leases 500,000 square feet or larger have been inked in the Chicago market. lnkd.in/gbaupQQt

#Developers delivered 46% more #spec big box buildings during 2022 than any other year in the Chicago's #industrial market's history, pushing the big box #vacancy rate up to 4.61%. lnkd.in/gXe5FEcy

#Demand nearly matched last year's #record during 2022, as Chicago's #industrial market led the nation for #leasing volume and net #absorption. Get all the goods in Colliers' big year-end report: bit.ly/3WHbzwy

"It's cloudy with a chance of recession for most of the commercial real estate market, but the sun is still shining on warehouse landlords in Chicago." lnkd.in/ghJJmVFK

Happy New Year! Chicago's #industrial market finished 2022 with an impressive 4th quarter, pushing #demand for the year to 40.6 MSF, 90% of 2021's #record total. Dig into the #stats: bit.ly/3QirhfX lnkd.in/gkgkF6Zy

In response to unprecedented #demand, developers completed 64 #spec buildings totaling 20.8 MSF during 2022, a total 35% higher than the previous annul record. Another 30.1 MSF is under #construction. See the latest development trends:…lnkd.in/gqUaM5y3

Long-awaited deliveries pushed Chicago's big box vacancy rate up for the past two quarters, giving the market a bit of breathing room. "The supply side is starting to catch up" per Matthew Stauber lnkd.in/gjYCi2xx

#Spec deliveries pushed up Chicago's big box #industrial #vacancy rate for the second quarter in a row, but #leasing in modern space remained impressive. lnkd.in/gqUQ9sNq

Get your stats on with Colliers' brand-new Q3 Chicago #industrial report! Developers responded to the recent unprecedented #demand by starting construction on a #record amount of space in Chicago's #tight market. Dig deeper: bit.ly/3TIQlh3