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Article: Real Estate Review: Availability of industrial space surges in 2001.(Brief Article)(Statistical Data Included)
- Article from:
- Crain's Chicago Business
- Article date:
- February 4, 2002
- Author:
CopyrightCOPYRIGHT 2002 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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The amount of industrial space available for lease in the Chicago region spiked dramatically in 2001, taking a major toll on some of the area's strongest markets, according to statistics compiled by the Midwest industrial services group at New York-based real estate firm Insignia/ESG Inc.
The overall availability rate for industrial space soared to 8.6% between the fourth quarter of 2000 and the same period last year-with availability in the southwest suburban market jumping to 17.8%.
With more open land available for new industrial buildings, construction outpaced demand in the southwest suburbs, says James Swartchild, executive director of Insignia's ...