As the second quarter of 2020 wraps up, the market is looking back at the first full quarter of business during the COVID-19 pandemic. The Chicago industrial market remains strong as ever with net absorption topping 2.1M square feet. Despite this strong figure, vacancy ticked up slightly to 5.9%, from 5.7%. This is due to 16 buildings completing construction, bringing 4.6M square feet to the market. Additionally, triple net rental rates increased to $5.87, up from $5.64. Development remains strong with 60 buildings under construction, for a total of 15.4M square feet. With most asset classes suffering from the pandemic, the industrial capital markets environment has acted as a safe haven for investors. 38 buildings traded hands for a total volume of $438.7M with an average per square foot value of $74.
To learn more, download the Chicago Industrial Q2 2020 Market Report.