Market Trend: Chicago Industrial Deliveries, Construction and Inventory
Dec 10, 2014 - CoStar News
During the third quarter 2014, two buildings totaling 695,600 square feet were completed in the Chicago market area. This compares to seven buildings totaling 1,783,149 square feet that were completed in the second quarter 2014.
There was 14,716,059 square feet of Industrial space under construction at the end of the third quarter 2014.
Some of the notable 2014 deliveries include: Pinnacle XV, an 898,560-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and CenterPoint Intermodal, a 485,476-square-foot building that delivered in second quarter 2014 and is now vacant.
The largest projects underway at the end of third quarter 2014 were RidgePort Logistics Center - Building 1, a 1,700,000-square-foot building with 100% of its space pre-leased, and Kenosha Enterprise Building 1, a 1,015,740-square-foot facility that is 100% pre-leased.
Total Industrial inventory in the Chicago market area amounted to 1,147,964,747 square feet in 22,435 buildings as of the end of the third quarter 2014. The Flex sector consisted of 74,760,397 square feet in 2,232 projects. The Warehouse sector consisted of 1,073,204,350 square feet in 20,203 buildings. Within the Industrial market there were 4,012 owner-occupied buildings accounting for 283,830,573 square feet of Industrial space.
This trend is compared to U.S. National Industrial deliveries and construction, which saw 206 buildings totaling 30.84 million square feet complete construction, with an additional 148.9 million square feet of industrial space still under construction at the end of the third quarter. 6100 Garfield Ave is a 620,000-square-foot facility that delivered this quarter in the Los Angeles market, while the 1.7 million-square-foot RidgePort Logistics Center in the Chicago market is still under way. Total industrial inventory in the U.S. market totaled almost 21.08 billion square feet in more than 621,000 industrial buildings at the end of Q3 2014, including almost 71,200 owner-occupied properties.
There was 14,716,059 square feet of Industrial space under construction at the end of the third quarter 2014.
Some of the notable 2014 deliveries include: Pinnacle XV, an 898,560-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and CenterPoint Intermodal, a 485,476-square-foot building that delivered in second quarter 2014 and is now vacant.
The largest projects underway at the end of third quarter 2014 were RidgePort Logistics Center - Building 1, a 1,700,000-square-foot building with 100% of its space pre-leased, and Kenosha Enterprise Building 1, a 1,015,740-square-foot facility that is 100% pre-leased.
Total Industrial inventory in the Chicago market area amounted to 1,147,964,747 square feet in 22,435 buildings as of the end of the third quarter 2014. The Flex sector consisted of 74,760,397 square feet in 2,232 projects. The Warehouse sector consisted of 1,073,204,350 square feet in 20,203 buildings. Within the Industrial market there were 4,012 owner-occupied buildings accounting for 283,830,573 square feet of Industrial space.
This trend is compared to U.S. National Industrial deliveries and construction, which saw 206 buildings totaling 30.84 million square feet complete construction, with an additional 148.9 million square feet of industrial space still under construction at the end of the third quarter. 6100 Garfield Ave is a 620,000-square-foot facility that delivered this quarter in the Los Angeles market, while the 1.7 million-square-foot RidgePort Logistics Center in the Chicago market is still under way. Total industrial inventory in the U.S. market totaled almost 21.08 billion square feet in more than 621,000 industrial buildings at the end of Q3 2014, including almost 71,200 owner-occupied properties.
