Industrial development activity increased significant during the second quarter with 29 projects totaling an impressive 9.4 million square feet starting construction during the quarter. A total of 16.7 million square feet is currently under construction, a level similar to what was witnessed in 2007. Speculative development accounts for 9.3 million square feet, or 56 percent of this total, with build-to-suit projects and building expansions making up the remainder of activity. A total of 16 projects were completed during the second quarter totaling 4.6 million square feet.
Below is a quarterly analysis of ongoing construction activity and projects completed during the second quarter of 2016, an interactive map of all ongoing and recently completed projects as well as a summary of recent construction activity.
Click here or on the map above to view an interactive aerial of all ongoing and recently completed industrial speculative, build-to-suit and building addition construction projects in the market.
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Craig Hurvitz is vice president of market research at Colliers International | Chicago and leads the Industrial Advisory Group’s market research initiative. Craig is responsible for managing and maintaining the industrial properties database, which includes property sales and leases, tenant information and comparable transactions. He has a deep understanding of the Chicago-area industrial real estate market and provides in-depth analyses, reports and market trends that are referenced by a diverse group of clients including landlords, appraisers and developers.