The market for industrial real estate in the Chicago area continues to worsen, with demand depressed and vacancy rising, as the recession has manufacturers and shippers alike moving less product.
The vacancy rate for warehouse and manufacturing space climbed for a seventh consecutive quarter, reaching 11.7% in the second quarter. That’s up from 9.4% in the year-earlier period and 11.1% in the first quarter of this year, according to a report by brokerage Colliers Bennett & Kahnweiler Inc.
The rate is now at its highest in at least 20 years, according to Colliers data, which dates back to 1990.
The demand picture is perhaps even more grim.
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