Steven Rapoport, CCIM with CRER represented the client in the acquisition of a 10,500 SF industrial building featuring 16′ clear height and 2 interior depressed docks.
The sale of this property took place in an area that has experienced significant industrial investment, establishing it as one of the most active industrial regions in the area for several years. The industrial sector in Chicago thrives due to its central location, exceptional rail, and highway connectivity, and being the only U.S. city with six Class 1 railroads.
Chicago’s industrial market continues to demonstrate resilience, with a positive absorption of 27.9 million SF in the past year. This demand surpasses the previous high of 24 million SF set in 2006 by approximately 20% and is twice the metro’s historical average.
Local manufacturers have played a surprising role in strengthening Chicago’s industrial space as they restore operations and expand their presence within the city.
The high demand and limited supply in the market have led to a rapid increase in average industrial rents, which have grown impressively by 8.4% over the past year.
Contact Steven Rapoport, CCIM for assistance in buying or selling commercial property in Chicago or the surrounding suburbs. For a comprehensive valuation report, including financial analysis and comparable sales, Steven Rapoport can provide a free assessment of your property’s potential selling price.