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Chicago's Industrial Market Sets Absorption Record in 2016

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Chicago's Industrial Market Sets Absorption Record in 2016 Research & Forecast Report CHICAGO | INDUSTRIAL Fourth Quarter 2016 Chicago’s Industrial Market Sets Absorption Record in 2016 Craig Hurvitz Vice President | Chicago Chicago’s industrial market posted an impressive fourth quarter, bringing the net absorption total for 2016 to 26.6 million square Market Indicators CHICAGO METRO 2016 2015 2014 feet, the greatest annual absorption tally the market has recorded. Over the course of the year, the vacancy rate dropped 62 basis VACANCY RATE 6.70% 7.32% 7.73% points to 6.7 percent, the lowest rate witnessed since the third NET ABSORPTION (SF) 26,645,843 13,927,451 17,494,986 quarter of 2001. A total of 85 new construction projects were completed in 2016 totaling 22.3 million square feet, the greatest ASKING RENTAL RATE $4.72 $4.56 $4.41 amount of new industrial product since 2005. At the end of the NEW SUPPLY (SF) 19,381,041 12,881,850 7,471,108 year, 58 buildings were under construction, amounting to an additional 21.9 million square feet to be added to the market’s UNDER CONSTRUCTION (SF) 21,850,854 15,228,338 12,608,925 inventory once completed. Asking rental rates continued to increase throughout the year to an average rate of $4.72 per square foot on a net basis during the fourth quarter. Vacancy Rate & Net Absorption Chicago Metro Vacancy and Supply Chicago Metro Elgin I 55 Northwest Suburbs 30 16% 2.0 15% 5 18% 1.0 14% The industrial vacancy rate decreased to 6.7 percent during the 20 14% 1.5 12% 4 16% 0.5 12% te fourth quarter, an improvement of five basis points over the third 3 14% te 10 12% te te 1.0 9% 0.0 10% quarter. This rate is 62 basis points below the 7.3 percent rate Chicago Metro Elgin I 55 Northwest Suburbs 0 10% 2 12% 2.0 15% 1.0 14% recorded one year ago and 561 basis points below the peak 12.3 30 16% 0.5 6% 5 18% -0.5 8% VacancyRa VacancyRa VacancyRa -10 8% VacancyRa 1 10% percent rate recorded during the first quarter of 2010. A total of 20 20 14% 1.5 12% 4 16% 0.5 12% 0.0 3% -1.0 6% -20 6% 0 8% NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) te speculative construction projects were completed during the fourth 3 14% te 10 12% te te 1.0 9% 0.0 10% quarter totaling 4.9 million square feet. These projects were only -30 4% -0.5 0% -1 6% -1.5 4% 0 2009 2010 2011 2012 2013 2014 2015 2016 10% 2009 2010 2011 2012 2013 2014 2015 2016 2 2009 2010 2011 2012 2013 2014 2015 2016 12% 2009 2010 2011 2012 2013 2014 2015 2016 2.1 percent pre-leased, and added nearly 4.8 million square feet 0.5 6% -0.5 8% VacancyRa VacancyRa VacancyRa -10 8% VacancyRa 4 1 10% of new vacant space to the market. This resulted in just a slight 80 8 1.6 0.0 3% -1.0 6% -20 6% 0 8% NetAbsorption (millions ofSF) 3 NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) improvement in the vacancy rate despite significant net absorption New60NetAbsorption (millions ofSF) Lease & User Sale Volume 6 1.2 -30 4% -0.5 0% -1 6% -1.5 4% of 7.1 million square feet for the quarter. 2009 2010 2011 2012 2013 2014 2015 2016 Chicago40 Metro2009 2010 2011 2012 2013 2014 2015 2016 2 4 2009 2010 2011 2012 2013 2014 2015 2016 0.8 2009 2010 2011 2012 2013 2014 2015 2016 80 4 8 1.6 1 0.4 20 Millionsof SF 2 Millionsof SF Millionsof SF Millionsof SF 60 3 6 1.2 0 0 0 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 40 2 4 0.8 New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 1 0.4 20 Millionsof SF 2 Millionsof SF Millionsof SF Millionsof SF Central DuPage Fox Valley I 80 O'Hare 0 0 0 0.0 1.2 16% 6 21% 3 2009 2010 2011 2012 2013 2014 2015 2016 14% 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 4 2009 2010 2011 2012 2013 2014 2015 2016 16% 5 18% 3 14% New Leasing Volume User Sale Volume 0.8 New Leasing Volume User Sale Volume 14% New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 2 12% 4 15% 2 12% 0.4 12% te te te te 1 10% Central1 DuPage 10% Fox Valley I 803 12% O'Hare 0.0 10% 0 8% 3 14% 1.2 16% 2 6 9% 21% 4 16% 0 8% -1 6% VacancyRa VacancyRa -0.4 8% VacancyRa VacancyRa 0.8 14% 1 5 6% 18% 3 14% 2 12% -2 4% -1 6% 2 12% -0.8 6% 0 4 3% 15% NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) -3 2% NetAbsorption (millions ofSF) 0.4 12% te te te te 1 10% 1 10% -2 4% -1.2 4% -1 3 0%12% -4 0% 0.0 10% 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 0 2009 2010 2011 2012 2013 2014 2015 2016 8% 2 9% 0 8% -1 6% VacancyRa VacancyRa -0.4 8% VacancyRa VacancyRa 2.0 6 6 1 6% 8 -2 4% -1 6% 5 5 -0.8 6% 0 3% NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) 1.5 NetAbsorption (millions ofSF) -3 2% NetAbsorption (millions ofSF) 6 4 4 -2 4% -1.2 4% -1 0% -4 0% 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 3 2009 2010 2011 2012 2013 2014 2015 2016 1.0 3 4 2009 2010 2011 2012 2013 2014 2015 2016 2 2 6 2.0 6 8 0.5 2 Millionsof SF Millionsof SF Millionsof SF Millionsof SF 1 1 5 5 1.5 6 0.0 0 0 4 4 0 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 3 1.0 3 4 New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 2 2 0.5 2 Millionsof SF Millionsof SF Millionsof SF Millionsof SF 1 1 Chicago North I 290 North Lake County South Suburbs 0 0.0 0 0 2 2009 2010 2011 2012 2013 2014 2015 2016 10% 2 2009 2010 2011 2012 2013 2014 2015 2016 14% 2 2009 2010 2011 2012 2013 2014 2015 2016 16% 2 2009 2010 2011 2012 2013 2014 2015 2016 16% New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 1 8% 1 12% 1 12% 1 12% te te te te Chicago0 North 6% I 2900 North 10% Lake County South Suburbs 0 8% 0 8% 2 10% 2 14% 2 16% 2 16% -1 4% -1 8% VacancyRa VacancyRa VacancyRa VacancyRa 1 8% 1 12% -1 4% -1 4% -2 2% -2 6% 1 12% 1 12% NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) te te te 0 6% te 0 10% -3 0% -3 4% -2 0% -2 0% 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 0 2009 2010 2011 2012 2013 2014 2015 2016 8% 0 2009 2010 2011 2012 2013 2014 2015 2016 8% -1 4% -1 8% VacancyRa VacancyRa VacancyRa 2.5 VacancyRa 4 5 5 -1 4% -1 4% -2 2% -2 6% 2.0 4 4 NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) 3 1.5 -3 0% -3 4% 3 -2 0% 3 -2 0% 2009 2010 2011 2012 2013 2014 2015 2016 2 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 1.0 2 2 2.5 4 5 5 1 Millionsof SF Millionsof SF Millionsof SF Millionsof SF 0.5 1 1 4 4 2.0 3 0.0 0 0 0 3 3 1.5 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2 1.0 New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 2 New Leasing Volume User Sale Volume 2 New Leasing Volume User Sale Volume 1 Millionsof SF Millionsof SF Millionsof SF Millionsof SF 0.5 1 1 Chicago South I 290 South North Suburbs Southeast Wisconsin 0.0 0 0 0 4 2009 2010 2011 2012 2013 2014 2015 2016 16% 2 2009 2010 2011 2012 2013 2014 2015 201612% 2 2009 2010 2011 2012 2013 2014 2015 2016 12% 3 2009 2010 2011 2012 2013 2014 2015 2016 16% 3 New Leasing Volume User Sale Volume 14% New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 1 10% 2 12% 1 10% 2 12% te te te 1 10% te Chicago South I 290 South North0 Suburbs 8% Southeast Wisconsin 0 8% 0 8% 1 8% 2 12% 2 12% 3 16% 4 16% -1 6% -1 6% VacancyRa VacancyRa VacancyRa 3 14%VacancyRa -2 4% -1 6% 1 10% 0 4% 2 12% 1 10% -2 4% 2 12% NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) -3 2% te te te 1 10% te 0 8% -4 0% -2 4% -3 2% -1 0% 0 2009 2010 2011 2012 2013 2014 2015 2016 8% 0 2009 2010 2011 2012 2013 2014 2015 2016 8% 2009 2010 2011 2012 2013 2014 2015 2016 1 2009 2010 2011 2012 2013 2014 2015 2016 8% -1 6% -1 6% VacancyRa VacancyRa VacancyRa 4 VacancyRa 3 3.0 4 -2 4% -1 6% 0 4% 2.5-2 4% NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) NetAbsorption (millions ofSF) 3 NetAbsorption (millions ofSF) -3 2% 3 2 2.0 -4 0% -2 4% -3 2% -1 0% 2009 2010 2011 2012 2013 2014 2015 2016 2 2009 2010 2011 2012 2013 2014 2015 2016 1.5 2009 2010 2011 2012 2013 2014 2015 2016 2 2009 2010 2011 2012 2013 2014 2015 2016 1 4 3 1.0 3.0 4 1 1 Millionsof SF Millionsof SF Millionsof SF Millionsof SF 0.5 2.5 3 3 0 0 2 0.0 2.0 0 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2 1.5 2 New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 1 1.0 1 1 Millionsof SF Millionsof SF Millionsof SF Millionsof SF 0.5 I 88 0 0 0.0 0 3 2009 2010 2011 2012 2013 2014 2015 201620% 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume New Leasing Volume User Sale Volume 2 16% te I 881 12% 3 20% 0 8% VacancyRa 2 16% -1 4% NetAbsorption (millions ofSF) 1 12% te -2 0% 2009 2010 2011 2012 2013 2014 2015 2016 0 8% 5 VacancyRa -1 4% 4 NetAbsorption (millions ofSF) 3 -2 0% 2009 2010 2011 2012 2013 2014 2015 2016 2 5 Millionsof SF 1 4 0 3 2009 2010 2011 2012 2013 2014 2015 2016 2 New Leasing Volume User Sale Volume Millionsof SF 1 0 2009 2010 2011 2012 2013 2014 2015 2016 New Leasing Volume User Sale Volume The popular O’Hare submarket remains one of the tightest in and represented the largest new lease signed during the fourth Chicago’s industrial market.
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