Industrial demand is heating up in the Chicagoland area. Our latest interactive report reveals the market’s actualized start rents pre- vs post-pandemic for Chicago’s largest industrial submarkets.
What’s an actualized rent? It is the actual rent cost paid under a lease agreement as opposed to the listing rent price.
KEY FINDINGS
- Following record breaking demand for industrial space, actualized starting rents for newer product have increased 27.8% since 2017 to $6.48 psf. Asking rates have similarly increased, up 21.6% over the same period.
- Since 2020, all major submarkets have seen substantial growth in actualized starting rents.
- Submarkets with notable increases in lease rates include Northern Fox Valley and Southern DuPage, up 59.1% and 45.2%, respectively.
- The O’Hare submarket commands some of the highest rates within the market, up 23.7% to $9.19 psf.
