The panelists at this month's luncheon of the Society of Industrial and Office Realtors said they are seeing an increase in demand from companies looking to expand.
Lisa Dziekan from World Business Chicago kicked off the discussion by sharing statistics on how their city has been leading in job creation for eight consecutive years. They also point out that this is a result of over 325 new investments, which have led to lower unemployment rates than New York City or Los Angeles--less competition!
The booming industrial real estate market in Chicago is adding to the city's good economic news. New leases totaled a record-breaking 48.6 million square feet this year—a 28% increase over 2019 volume!
IDI Logistics’ Scott Gibbel announced that the developer is responding to intense demand by expanding its 30 million-square-foot Chicago portfolio with more than 631,000 square feet of industrial space under development in Chicago and Franklin Park.
Commercial real estate professionals in Chicago should buckle up for an exciting road ahead!