While we haven’t turned our calendars over just yet, it’s clear that 2021 was a banner year for the Chicago industrial real estate market. We witnessed a 20-year record low vacancy rate, record leasing activity, big absorption numbers, and in the meantime, there remains a tremendous amount of new product still on the way. It’s a great time to be a landlord in industrial real estate.
The Chicago market — like many other major metros across the nation — is in the midst of what could be considered a once-in-a-generation industrial boom and it seems as if there’s an unlimited pipeline of institutional money being pumped into the asset class to capitalize on the moment. And with this pace of new spec development and leasing demand, we can almost guarantee that 2022 will be another big year, granted there are no other major economic calamities.