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Article: Real Estate Review: Industrial space demand downshifts as economy slows.(Brief Article)(Statistical Data Included)
- Article from:
- Crain's Chicago Business
- Article date:
- May 7, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Industrial sales and leasing activity slowed in the first quarter of this year, reflecting the economy's general sluggishness.
First-quarter sales and leases of industrial space in the Chicago area totaled 6.3 million square feet, down from 9 million during the same period last year, according to a recent report by CB Richard Ellis Inc. (The accompanying chart is not all-inclusive, but provides results in key areas.) Over the last five years, industrial deals in the first quarter have averaged 8.2 million square feet.
But, unlike office leasing, which has slowed to a crawl, industrial deals are continuing at a respectable pace, says Jeffrey Barrett, ...