q3 2015 chicago industrial market report
DESCRIPTION
Colliers International is pleased to present its 3Q2015 Chicago Industrial Market Report. Vacancy in the metro area remains unchanged despite a decrease in sale and lease activity.TRANSCRIPT
Vacancy Rate Remains Unchanged
Research & Forecast Report
CHICAGO | INDUSTRIALThird Quarter 2015
Diana Perez Research Services | Chicago
The third quarter 2015 Chicago industrial vacancy rate remained unchanged from the second quarter despite a decline in leasing and sale activity. Net absorption remained positive but showed a marked decline from the prior quarter’s results.
Vacancy And Supply
Despite weaker user demand, the third quarter vacancy rate of 7.26 percent was nearly identical to the 7.23 percent vacant in the second quarter. Steady tenant demand was able to counteract the effect of vacant industrial supply returning to the market.
The Chicago-area industrial supply measured 96.7 million square feet in the second quarter, slightly above the 96.1 square feet vacant in the second quarter. However, the third quarter level represents an 8.0-percent improvement from one year ago when 105.1 million square feet were reported vacant.
Ten Chicago-area markets experienced a third quarter decline in vacancy rate from the previous quarter. Central DuPage County and McHenry County markets achieved the highest reductions of 0.74 percent each. Conversely, available supply in the I-290 South and I-290 North markets grew in excess of 400,000 square feet from the prior quarter.
Market IndicatorsCHICAGO METRO Q2 2015 Q3 2015
VACANCY 7.23% 7.26%
ABSORPTION 8,050,705 1,232,046
RENTAL RATE $4.50 $4.54
2 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Construction Activity
The third quarter witnessed 3.07 million square feet of new construction, which was substantially lower than the 6.1 million square feet posted in the second quarter. Build-to-suit construction projects once again outpaced speculative deliveries. At the end of the third quarter, 2.8 million square feet of new build-to-suit facilities were completed while speculative deliveries totaled 220,000 square feet.
Ridge Property Trust built a 1.7-million-square-foot build-to-suit lease for Michelin Tire in Wilmington. This marks the second new facility greater than 1.0 million square feet to be constructed in the Chicago area in 2015. Amazon’s 1.1-million-square-foot build-to-suit development was delivered to the Southeast Wisconsin market in the second quarter.
Eight projects (three build-to-suit and five speculative) broke ground in the third quarter which will add 2.6 million square feet to the Chicago area’s industrial inventory base. The largest new development is a 452,000-square-foot speculative facility in North Aurora.
Leasing And Sale Activity
Third quarter tenant demand of 7.0 million square feet represented a 33.4 percent decline from the second quarter level of 10.5 million square feet. The drop in demand was attributed to the lack of interest from the large user. The largest lease signed in the third quarter was 490,000 square feet, while the second quarter witnessed three leases greater than 400,000 square feet totaling 1.6 million square feet.
Sale activity totaled an impressive 2.0 million square feet in the third quarter, however it was significantly lower than the 6.1 million square feet registered in the second quarter.
The largest user sale occurred when BCI Acrylic purchased a 254,000-square-foot warehouse facility in Libertyville for $7.3 million or $28.81 per square foot.
The Lake County market achieved third quarter sale volume of 360,000 square feet, the most of any submarket. This was followed closely by Northwest Indiana which accounted for 287,000 square feet of activity. No user sales where completed in DeKalb County, Far South Suburbs, I-39 Corridor, or the I-55 Corridor.
Absorption
Third quarter net absorption totaled only 1.2 million square feet, far below to the 8.0 million square feet posted in the second quarter. Weakened second quarter user demand was the primary contributing factor to this decline.
Eleven markets experienced positive third quarter net absorption. However, combined absorption of 2.1 million square feet in the I-80/Joliet Corridor and Central DuPage markets resulted in positive overall Chicago metro absorption. Quarterly absorption in the I-290 North and I-290 South markets was weakest, measuring negative 589,000 square feet and negative 698,000 square feet, respectively.
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
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3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
i ons
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
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6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
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2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
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2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
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4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Historical Trends | Chicago MetroAbsorption and Vacancy
Lease and Sale Volume | Chicago Metro
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
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0.5
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1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
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bed
(Mill
ions
)
0.0
0.5
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2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
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3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
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re F
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bed
(Mill
ions
)
0.0
1.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
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1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
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2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
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(Mill
ions
)
0.0
1.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
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1.5
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2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
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0.0
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4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
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2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
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ncy
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ions
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0.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
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ions
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-0.5
0.0
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3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Central DuPageVacancy And Supply
Central DuPage’s available industrial supply fell approximately 630,000 square feet from the second quarter level of 6.6 million square feet to 5.9 million square feet in the third quarter. The decline was better still when compared to the 7.1 million square feet reported available one year ago.
Strong leasing activity during the quarter forced Central DuPage’s third quarter vacancy down to 7.07 percent. This represents a 74-basis-point decrease from second quarter’s rate of 7.81 percent.
Central DuPage’s vacancy rate continues to benefit from steady tenant demand coupled with a moderate amount of space returning to the market.
Construction Activity
One new construction project was delivered in the Central DuPage market in the third quarter. Panattoni Development completed a 136,799-square-foot multi-tenant speculative project at 101 Gary Avenue in Roselle.
One building was eliminated from the Central DuPage market when DCT Industrial demolished a 153,300-square-foot manufacturing facility at 191 E. North Avenue in Carol Stream. The site will be the new home to CoreCentric Solutions, Inc. which is set to start construction on a 350,000-square-foot warehouse facility next quarter.
Market IndicatorsCENTRAL DUPAGE Q2 2015 Q3 2015
VACANCY 7.81% 7.07%
ABSORPTION -101,526 627,153
RENTAL RATE $5.40 $5.54 Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
Significant Lease and Sale Activity
4 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Leasing volume in the Central DuPage market increased to 1.2 million square feet in the third quarter, a 21.8-percent increase from the 946,700 square feet of lease transactions completed in the second quarter. This increase is even more compelling when compared to one year ago, when 507,000 square feet of lease transactions were completed.
Two notable leases were signed in the third quarter in Central DuPage. M&R Printing leased 320,000 square feet at 440 Medinah Road in Roselle and IMI Cornelius leased 160,660 square feet at 500 Regency Drive in Glendale Heights.
Sale activity fell dramatically to just 121,500 square feet in the third quarter, a 59.0 percent drop from the second quarter total of 296,800 square feet.
Absorption
Tremendous third quarter tenant demand was an important factor in Central DuPage’s net absorption of positive 627,000 square feet, a vast improvement from the negative 101,500 square feet posted in the second quarter.
Central DuPage | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
M&R Printing 319,885 440 Medinah Road, Roselle Leased
IMI Cornelius 160,660 500 Regency Drive, Glendale Heights Leased
T-GELS Logistics 154,275 430 Kimberly Drive, Carol Stream Leased
Lease and Sale Volume | Central DuPage
Historical Trends | Central DuPageAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
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2009 2010 2011 2012 2013 2014 YTD-3Q2015
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ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
i ons
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
ChicagoVacancy And Supply
Both Chicago markets experienced a marginal vacancy rate decline in the third quarter from the previous quarter. The vacancy rate in Chicago North fell from 4.85 percent to 4.82 percent, while the Chicago South vacancy rate dropped from 10.1 percent to 10.0 percent.
The Chicago South market, with more than 8.4 million square feet of vacant space, holds the undesirable distinction of having the most available space in the entire metropolitan Chicago area. The I-55 Corridor claimed the second-largest volume with 8.3 million square feet, while Chicago North’s third quarter vacant supply totaled 4.3 million square feet.
Construction Activity
Neither Chicago market experienced new construction deliveries in the third quarter. However, 4534 W. North Avenue, a 30,000-square-foot manufacturing facility, was demolished and will be redeveloped into a public storage facility.
Market IndicatorsChicago North Q2 2015 Q3 2015
VACANCY 4.85% 4.82%
ABSORPTION 625,826 -144,757
RENTAL RATE $8.52 $8.50
Chicago South Q2 2015 Q3 2015
VACANCY 10.1% 10.0%
ABSORPTION -103,946 -16,690
RENTAL RATE $4.18 $4.18
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
6 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
) 0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
i ons
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Leasing And Sale Activity
Tenant demand was much more prevalent in the Chicago South market versus the Chicago North market during the third quarter with lease transactions totaling 383,000 square feet. This is a 7.0 percent increase from the second quarter output of 355,000 square feet. Just six leases totaling 99,000 square feet were signed in the Chicago North market.
Sale activity declined in both Chicago markets in the third quarter. In Chicago North, only 53,000 square feet of sale transactions were completed – well below the 225,000 square feet sold in the second quarter. Four transactions were recorded in the Chicago South market for a total of 74,500 square feet, substantially less than the 620,600 square feet sold during the prior quarter.
Absorption
Weaker third quarter user demand in both Chicago markets produced negative results. The outcome was more severe in the Chicago North market where net absorption fell to negative 144,700 square feet, a decline of more than 700,000 square feet from the second quarter result of positive 625,800 square feet. In Chicago South, third quarter net absorption measured negative 16,690 square feet, an 87,200-square-foot swing from the second quarter total of negative 104,000 square feet.
Chicago | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Amazon.Com 150,261 2801 S. Western Avenue, Chicago Leased
Royal Box 134,734 5000 W. Roosevelt Road, Chicago Leased
Undisclosed 39,677 4220 S. Kildare Avenue, Chicago Leased
Lease and Sale Volume | Chicago
Historical Trends | ChicagoAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago South
Chicago North
Chicago South
Chicago North
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
Elgin/I-90 CorridorVacancy And Supply
A significant amount of space was returned to the Elgin/I-90 Corridor market in the third quarter, negatively impacting vacancy statistics. The vacancy rate climbed 22 basis points in the third quarter to 11.3 percent; however, it is still well below the 13.08 percent posted one year ago.
Only 379,700 square feet of space was brought on the market in Elgin/I-90 Corridor, which was considerably less than the 605,400 square feet returned to the market in the second quarter.
Elgin/I-90 Corridor vacant supply totaled 3.5 million square feet in the third quarter, relatively unchanged from the prior quarter. Fortunately, this was only a slight increase from the 3.4 million square feet measured in the previous quarter.
Construction Activity
After seeing three new buildings totaling 1.1 million square feet constructed in the second quarter, the Elgin/I-90 Corridor had two new construction completions in the third quarter adding just 134,400 square feet to the inventory base.
One build-to-suit project was completed in the third quarter for Nutriad, which took occupancy of a 50,400-square-foot facility in Hampshire.
Palumbo recently completed an 84,000-square-foot speculative warehouse facility in the Terra Business Park at 401 Christina Drive in East Dundee.
One build-to-suit development is underway in Elgin/I-90 Corridor. Renishaw, Inc. has commenced construction on a 133,000-square-foot facility on an 11.50-acre site in West Dundee.
Market IndicatorsELGIN/I-90 CORRIDOR Q2 2015 Q3 2015
VACANCY 11.1% 11.3%
ABSORPTION 1,046,428 50,995
RENTAL RATE $4.97 $4.70
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
8 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Leasing volume measured 211,200 square feet in the third quarter, a 14.6 percent increase from the 184,100 square feet of lease transactions completed in the second quarter.
Third quarter sale activity consisted of three sale transactions which measured 72,000 square feet. This is a 33.9 percent decline from the previous quarter of 211,200 square feet. One year ago, sale activity totaled a healthier 140,000 square feet.
Absorption
Elgin/I-90 Corridor’s net absorption measured 51,000 square feet in the third quarter. The positive outcome can be attributed to less space returning to the market rather than heightened sale and leasing activity.
Although positive, third quarter net absorption was far less that the 1.0 million square feet posted in the second quarter.
Elgin/I-90 Corridor | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Convenience Concepts 50,056 2300-2370 Galvin Drive, Elgin Leased
Pepsi Co. Real Estate 49,775 2790-2794 Spectrum Drive, Elgin Leased
Simplomatic Manufacturing Co. 42,000 1616 Berkley Street, Elgin Sold
Lease and Sale Volume | Elgin/I-90 Corridor
Historical Trends | Elgin/I-90 CorridorAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
Fox ValleyVacancy And Supply
The Fox Valley vacancy rate measured 6.14 percent in the third quarter, down from 6.25 percent posted in the previous quarter. However, vacancy in this market has declined a healthy 107 basis points from the 7.21 percent vacancy rate measured one year.
The available supply in the Fox Valley market fell 105,600 square feet from the second quarter total of 5.7 million square feet to 5.6 million square feet in the third quarter. Vacant supply has not been this low since the first quarter of 2000 when 5.0 million square feet were reported vacant.
Construction Activity
The third quarter of 2015 did not produce any new construction in Fox Valley; however, 18,000 square feet were removed from the market when 2425 W. Main Street in St. Charles was demolished.
One build-to-suit development is underway in Fox Valley. Connor Commercial has broken ground on a 304,560-square-foot warehouse facility at 2760 Orchard Gateway in Aurora for tenant PPG Industries.
Market IndicatorsFOX VALLEY Q2 2015 Q3 2015
VACANCY 6.25% 6.14%
ABSORPTION -211,397 65,351
RENTAL RATE $4.26 $4.29Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
10 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Leasing activity in Fox Valley reached 369,000 square feet in the third quarter, considerably lower than the 1.2 million square feet leased in the second quarter.
Third quarter leasing activity greatly benefited from PPG Industries’ 304,560-square-foot lease at 2760 Orchard Gateway Road in Aurora. This transaction accounted for 80 percent of all the third quarter activity.
User sale volume jumped 40.8 percent from the second quarter level of 109,800 square feet to 154,700 square feet. The largest third quarter sale occurred when SD Wheel Corporation purchased a 105,147-square-foot building at 620 Stetson Avenue in St. Charles.
Absorption
After reaching negative 211,400 square feet in the second quarter, tremendous third quarter sale volume pushed the Fox Valley new absorption to positive 65,300 square feet.
Fox Valley | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
PPG Industries 304,560 2760 Orchard Gateway Road, Aurora Leased
SD Wheel Corporation 105,147 620 Stetson Avenue, St. Charles Sold
Flaming Dragon, LLC 38,400 1669-91 Dearborn Avenue, Aurora Sold
Lease and Sale Volume | Fox Valley
Historical Trends | Fox ValleyAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
I-290 NorthVacancy And Supply
The I-290 North vacancy rate grew from the second quarter rate of 7.51 percent to 8.08 percent in the third quarter. The rise in vacancy was due to poor user demand coupled with an excessive amount of vacant space returning to the market.
Available supply in I-290 North swelled to 6.0 million square feet in the third quarter, an increase of 414,000 square feet from the prior quarter total of 5.6 million square feet. However, one year ago vacant supply totaled 6.6 million square feet in this market.
Construction Activity
For the fourth consecutive quarter, no construction deliveries occurred in the I-290 North market. The last completion here was in the second quarter of 2014 when a 51,884-square-foot expansion project was completed at 599 Northwest Avenue in Northlake.
Most of the recent inventory changes in the I-290 North market have been the result of demolished buildings rather than new construction. This year, 1.3 million square feet of demolitions have occurred in I-290 North.
Market IndicatorsI-290 NORTH Q2 2015 Q3 2015
VACANCY 7.51% 8.08%
ABSORPTION 43,086 -589,645
RENTAL RATE $4.59 $4.53
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
12 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
With a total of 29,500 square feet of completed transactions, I-290 North leasing activity declined by 80 percent in the third quarter.
After a strong second quarter result of 1.3 million square feet, sale activity in the I-290 North plummeted to just 64,700 square feet during the third quarter. In the same time period one year ago, there were 570,000 square feet of completed transactions.
Absorption
The I-290 North market experienced slower leasing and sales volume in the third quarter which resulted in negative absorption of 590,000 square feet. Positive net absorption of 43,000 square feet was achieved in the previous quarter.
I-290 North | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Undisclosed 54,763 9375 Chestnut Avenue, Franklin Park Sold
St. Vincent De Paul 29,524 10525 Delta Parkway, Schiller Park Leased
Windy City Restoration 10,000 9401 Schiller Boulevard, Franklin Park Sold
Lease and Sale Volume | I-290 North
Historical Trends | I-290 NorthAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
I-290 SouthVacancy And Supply
Available supply in the I-290 South market escalated from the second quarter level of 3.6 million square feet to 4.1 million square feet in the third quarter.
Three large blocks of space totaling 513,000 square feet returned to the market, contributing to I-290 South’s inflated industrial supply. The largest of the three is a 214,147-square-foot warehouse facility at 5750 W. 51st Street in Stickney.
Weaker tenant demand caused the I-290 South vacancy rate to increase sharply to 9.0 percent, an increase of 111 basis points from the prior quarter’s mark of 7.8 percent.
Construction Activity
The mature I-290 North market had no new construction completions in the third quarter and just one totaling 41,800 square feet in the prior quarter.
Inventory in the I-290 South market declined by 200,000 square feet in the third quarter as a manufacturing building at 7225 Santa Fe Drive in Hodgkins was demolished to make way for a new 283,123-square-foot spec building.
Market IndicatorsI-290 SOUTH Q2 2015 Q3 2015
VACANCY 7.88% 8.99%
ABSORPTION 261,805 -698,594
RENTAL RATE $5.07 $5.07
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
14 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Second quarter I-290 South leasing activity totaled just 82,300 square feet, a 72.0 percent decline from the second quarter level of 164,000 square feet. Tytan Express renewed and expanded by 82,300 square feet and 6800 Santa Fe Drive in Hodgkins and now occupies a total of 139,300 square feet.
Sale activity in the I-290 South market occurred in small buildings between 15,000 square feet and 60,000 square feet, resulting in the third quarter volume of 101,700 square feet. This marks a 38 percent decline from the 164,000 square feet sold during the second quarter.
Absorption
Weakened third quarter sale and leasing volume resulted in net absorption of negative 698,500 square feet, a significant decrease from the second quarter net absorption of positive 262,000 square feet.
I-290 South | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Tytan Express 82,300 6800 Santa Fe Drive, Hodgkins Leased
Real Group LLC 59,166 2001 W Cermak Road., Broadview Sold
Real Group LLC 25,600 2900-2910 S 21st Avenue, Broadview Sold
Lease and Sale Volume | I-290 South
Historical Trends | I-290 SouthAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
I-55 CorridorVacancy And Supply
I-55 Corridor’s vacancy rate totaled 10.49 percent in the third quarter, up slightly from the second quarter total of 10.41 percent. Solid tenant demand during the quarter kept vacant supply from rising.
The I-55 Corridor available supply grew from the second quarter total of 8.2 million square feet to 8.3 million square feet in the third quarter. The rise was due to poor user demand coupled with an excessive amount of vacant space returning to the market.
Construction Activity
After four speculative developments totaling 913,500 square feet were completed in the second quarter, I-55 Corridor construction activity was idle in the third quarter.
One speculative development is underway in I-55 Corridor. Molto Properties has commenced construction on a 226,090-square-foot facility in Windham Lakes Southwest Business Park which is expected to be completed in the first quarter of 2016.
Market IndicatorsI-55 CORRIDOR Q2 2015 Q3 2015
VACANCY 10.41% 10.49%
ABSORPTION 1,181,612 -144,733
RENTAL RATE $4.37 $4.50
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
16 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Third quarter leasing volume increased to 1.5 million square feet, a 6.9 percent increase from the 1.4 million square feet of lease transactions completed in the second quarter.
The heightened tenant demand was driven by larger users. Four transactions over 200,000 square feet were signed in the third quarter, accounting for 1.3 million square feet of the overall leasing volume. The largest transaction was a 490,400-square-foot lease completed by The Central American Group at 815 Bluff Road in Romeoville.
There were no sale transactions recorded in the I-55 Corridor in the third quarter, a sharp decline from the 343,000 square feet sold in the second quarter. The last time this market had no sale activity was the second quarter 2007.
Absorption
Strong leasing activity could not keep pace with space returning to the market, which drove I-55 Corridor’s net absorption to negative 144,700 square feet. This is a 1.3-million-square-foot swing from the positive 1.2 million square feet reported in the second quarter.
I-55 Corridor | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
The Central American Group 490,420 815 Bluff Road, Romeoville Leased
Swap.com 361,176 850 S. Veterans Parkway, Bolingbrook Leased
Kane Warehousing Inc. 220,592 700 S. Weber Road, Bolingbrook Leased
Lease and Sale Volume | I-55 Corridor
Historical Trends | I-55 CorridorAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
I-80/Joliet CorridorVacancy And Supply
The I-80/Joliet Corridor third quarter vacancy rate of 6.93 percent was nearly identical to the second quarter rate of 6.94 percent. Less space returning to the market rather than strong user demand kept the third quarter vacancy rate from climbing.
Available industrial space totaled 5.2 million square feet in the third quarter, which was 100,000 square feet higher than the second quarter volume of 5.1 million square feet.
There are seven bulk warehouse/distribution facilities that are currently available in the I-80/Joliet Corridor market that can accommodate space requirements from 200,000 to 600,000 square feet.
Construction Activity
A 1.7-million-square-foot build-to-suit warehouse was completed in the third quarter for Michelin Tire at the RidgePort Logistics Center in Wilmington.
There are four projects (two speculative and two build-to-suit) expected to be delivered in the fourth quarter 2015 which will add 970,500 square feet to the I-80/Joliet Corridor inventory base.
Market IndicatorsI-80/JOLIET CORRIDOR Q2 2015 Q3 2015
VACANCY 6.94% 6.93%
ABSORPTION 2,017,032 1,571,662
RENTAL RATE $4.23 $4.23
Lake Michigan 94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
18 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Leasing volume fell sharply from the second quarter level of 3.2 million square feet to just 382,000 square feet in the third quarter. Six leases less than 100,000 square feet were signed during the quarter, while six transactions greater than 200,000 square feet were completed in the second quarter.
Sale activity has continued to be sluggish in the I-80/Joliet Corridor market, as only one third quarter sale transaction totaling 22,200 square feet was recorded. Three sales occurred in the second quarter totaling 57,500 square feet.
Absorption
Despite weak third quarter sale and leasing activity, net absorption in the I-80/Joliet Corridor remained positive. However, the third quarter total of 1.5 million square feet was significantly less than the 2.0 million square feet of net absorption posted in the second quarter.
I-80/Joliet Corridor | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Echo Labs 96,260 4101 Olympic Boulevard, Joliet Leased
APL Logistics 95,000 4101 Olympic Boulevard, Joliet Leased
Falken Tire 75,400 1515 Rock Creek Boulevard, Joliet Leased
Lease and Sale Volume | I-80/Joliet Corridor
Historical Trends | I-80/Joliet CorridorAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
Lake CountyVacancy And Supply
The third quarter 2015 vacancy rate in the Lake County measured 9.94 percent, a minor increase from the second quarter total of 9.86 percent. Steady user demand was not enough to overcome the amount of space returning to the market.
Available inventory continued to grow in the Lake County in the third quarter, reaching 7.1 million square feet. Fortunately, this was only a slight increase from the 7.0 million square feet of available inventory measured in the previous quarter.
Construction Activity
After seeing a surge in construction activity in the second quarter when three speculative projects were completed totaling 860,500 square feet, no new construction projects concluded in Lake County in the third quarter.
Market IndicatorsLAKE COUNTY Q2 2015 Q3 2015
VACANCY 9.86% 9.94%
ABSORPTION 690,073 -65,820
RENTAL RATE $4.93 $5.06
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
20 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Strong leasing activity continued in the third quarter with total volume reaching 304,000 square feet. 402,000 square feet of lease transactions were reported in the prior quarter.
The third quarter’s largest lease transaction occurred when BMC leased 87,750 square feet at 3540-3630 Amhurst Parkway in Waukegan. The balance of leasing volume occurred in spaces between 10,000 square feet and 45,000 square feet.
Only three buildings were sold in the Lake County market in the third quarter totaling 360,000 square feet. This marks a 28 percent decline from the 505,000 square feet of sale transactions occurring in the prior quarter.
The larger sale transaction occurred when BCI Acrylic purchased a 254,386-square-foot warehouse facility at 1800 Industrial Drive in Libertyville.
Absorption
Lake County experienced disappointing net absorption in the third quarter, measuring negative 66,000 square feet. This is primarily due to the large amount of space that returned to the market. Lake County net absorption totaled positive 690,000 square feet in the second quarter which represents a 756,000-square-foot swing from the third quarter results.
Lake County | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
BCI Acrylic 254,386 1800 Industrial Drive, Libertyville Sold
Ali Group North America 91,628 101 Corporate Woods Parkway, Vernon Hills Sold
BMC 87,750 3540-3630 Amhurst Parkway, Waukegan Leased
Lease and Sale Volume | Lake County
Historical Trends | Lake CountyAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
) 0.0
10.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
North SuburbsVacancy And Supply
The North Suburbs’ third quarter vacancy rate of 6.46 percent was nearly identical to the second quarter rate of 6.48 percent. Steady user and tenant demand coupled with less space returning to the market kept the third quarter vacancy rate from climbing.
The available industrial supply in the North Suburbs remained flat at 3.6 million square feet. This was also the result of consistent user / tenant demand keeping pace with space returning to the market.
Construction Activity
One construction project was completed in the third quarter in the North Suburban market. Fedex Ground Packaging moved into its 306,400-square-foot warehouse facility at 5959 W. Howard Street in Niles. This should be the only construction delivery in 2015 in this market, as there are no other industrial development projects underway.
Market IndicatorsNORTH SUBURBS Q2 2015 Q3 2015
VACANCY 6.48% 6.46%
ABSORPTION -433,690 200,761
RENTAL RATE $4.95 $4.92
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
22 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
The North Suburbs’ third quarter leasing volume totaled 322,000 square feet, slightly below 327,000 square feet leased in the second quarter. The majority of leasing volume was captured in the 10,000- to 20,000-square-foot range.
North Suburbs’ largest third quarter transaction occurred when Quantum Color Graphics leased 81,800 square feet at 6410–6430 W. Howard Street in Niles.
Sale activity decreased in the third quarter for a total of 119,300 square feet. This represented a 26 percent decrease from the 162,000 square feet reported sold last quarter.
One sale transaction secured during the quarter had a significant impact on North Suburbs’ sales volume. Swiss Precision Machining, Inc. bought an 82,450-square-foot crane facility at 634 S. Glenn Avenue in Wheeling.
Absorption
Third quarter net absorption in the North Suburbs market measured positive 200,700 square feet, a sizable improvement from the negative 433,000 square feet reported in the second quarter.
North Suburbs | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Swiss Precision Machining, Inc. 82,450 634 S. Glenn Avenue, Wheeling Sold
Quantum Color Graphics 81,804 6410-6430 W. Howard Street, Niles Leased
Undisclosed 77,210 7001 N Central Park Avenue, Lincolnwood Leased
Lease and Sale Volume | North Suburbs
Historical Trends | North SuburbsAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
) 0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
Northwest SuburbsVacancy And Supply
The third quarter vacancy rate in the Northwest Suburbs measured 8.56 percent, a nominal improvement from the 8.68 percent registered in the prior quarter. Less space returning to the market rather that strong user demand kept the third quarter rate from climbing.
The available inventory base in the Northwest Suburbs totaled 2.9 million square feet, unchanged from the prior quarter.
Of the 2.9 million square feet available in the Northwest Suburbs, spaces between 100,000 and 300,000 square feet accounted for 1.2 million square feet of all the vacant space in this market.
Construction Activity
After seeing one new building totaling 302,000 square feet constructed in the second quarter, the Northwest market had no new construction completions in the third quarter.
One speculative development is underway in the Northwest market. The Opus Group has commenced construction on a 423,600-square-foot warehouse facility at 10 Falcon Court in Streamwood.
Market IndicatorsNORTHWEST SUBURBS Q2 2015 Q3 2015
VACANCY 8.68% 8.56%
ABSORPTION -43,527 34,599
RENTAL RATE $5.02 $5.37
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
24 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Third quarter leasing volume measured 79,900 square feet in the Northwest Suburbs, a 27,600-square-foot increase from the 52,200 square feet of lease transactions completed in the second quarter. However, this was a 29.4 percent decline from the 103,000 square feet leased one year ago.
Sale activity fell 69.0 percent from 455,000 square feet in the second quarter to just 35,600 square feet in the third quarter.
Absorption
Weaker third quarter sale volume did not negatively affect the Northwest Suburb’s net absorption which reached positive 34,500 square feet. This result was a strong improvement from the same quarter last year when absorption fell to negative 578,000 square feet.
Northwest Suburbs | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Undisclosed 45,307 1544-1546 Hecht Drive, Bartlett Leased
Korean Bethel Presbyterian Church 25,660 399 N. Quentin Road, Palatine Sold
Undisclosed 15,060 1230-36 Hardt Circle, Bartlett Leased
Lease and Sale Volume | Northwest Suburbs
Historical Trends | Northwest SuburbsAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
O’HareVacancy And Supply
Vacancy in the O’Hare market totaled 5.35 percent in the third quarter, 194 basis points lower than the 5.45 percent reported vacant in the previous quarter. Tenant demand in O’Hare was especially strong in the third quarter.
O’Hare available industrial supply fell to 7.4 million square feet, down from the second quarter level of 7.6 million square feet. Available supply in O’Hare has dropped an impressive 2.3 million square feet over the past four quarters.
Construction Activity
One building addition was completed in the O’Hare market in the third quarter. A 130,980-square-foot facility was completed for LSG Sky Chefs at 200 E. Touhy in Des Plaines.
Two new developments are nearing completion in the O’Hare market. Hamilton Partners is constructing a 184,000 square-foot building in Bensenville and Liberty Property Trust is in the final stages on a 235,800-square-foot speculative facility in Des Plaines, both slated for completion in the fourth quarter.
Market IndicatorsO’HARE Q2 2015 Q3 2015
VACANCY 5.45% 5.35%
ABSORPTION 339,849 68,890
RENTAL RATE $5.15 $5.17
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
26 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Third quarter leasing volume totaled 990,000 square feet in the O’Hare market, a 10.4 percent decrease from the 1.1 million square feet leased in the previous quarter. In this same time period one year ago, 1.2 million square feet of leases were transacted.
One significant lease was signed in the O’Hare market in the third quarter. TopLine Furniture leased a 310,900-square-foot warehouse facility in Itasca.
After reaching an impressive 425,000 square feet in the second quarter, sale activity measured just 217,000 square feet in the third quarter in the O’Hare market.
Absorption
The third quarter net absorption totaled positive 69,000 square feet. Although positive, this marks a sizable decline from the second quarter mark of 340,000 square feet.
O’Hare | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
TopLine Furniture 310,916 1321-75 W. Thorndale Avenue, Itasca Leased
PTS Logistics 89,901 1845 Tonne Road, Elk Grove Leased
Groot Disposal 79,617 55 E. Howard Avenue, Des Plaines Leased
Lease and Sale Volume | O’Hare
Historical Trends | O’HareAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
South SuburbsVacancy And Supply
Available supply in the South Suburbs market swelled to 7.4 million square feet in the third quarter, an increase of 200,000 square feet from the prior quarter. As a comparison, vacant supply totaled 8.0 million square feet one year ago in this market.
The South Suburbs’ vacancy rate grew from the second quarter rate of 7.11 percent to 7.31 percent in the third quarter. The rise in the vacancy was due to poor user demand coupled with an excessive amount of vacant space returning to the market.
More than 1.0 million square feet of newly available supply returned to the South Suburban market in the third quarter.
Construction Activity
There were no buildings completed in the third quarter in the South Suburbs and only one completed project year-to-date, a 45,000-square-foot building at 13005 S. Hamlin Court in Alsip that delivered to the market in the first quarter.
Market IndicatorsSOUTH SUBURBS Q2 2015 Q3 2015
VACANCY 7.11% 7.31%
ABSORPTION 651,578 -219,905
RENTAL RATE $3.59 $3.73
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
28 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
Leasing volume in the South Suburbs measured 736,000 square feet in the third quarter, a 68.0 percent improvement from the 438,000 square feet leased in the second quarter.
Third quarter leasing activity was strongest in 40,000- to 80,000-square-foot spaces as six leases were signed totaling 345,000 square feet. Activity was also significant in the 15,000- to 35,000-square-foot segment as five transactions totaling 122,500 square feet were completed.
Weak user demand was evident in the third quarter as only 92,000 square feet of sale transactions were completed, an 80.5 percent decline from the 472,000 square feet sold during the second quarter.
Absorption
The combination of sluggish user demand during the third quarter and a significant increase in vacant supply reentering the market resulted in net absorption of negative 220,000 square feet. This is a significant decline from the second quarter total of positive 651,000 square feet.
In this same time period one year ago, net absorption totaled negative 200,000 square feet.
South Suburbs | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
First Logistics 164,669 11859 S. Central Avenue, Alsip Leased
Warehouse Specialists, Inc. 104,000 21700 Mark Collins Drive, Sauk Village Leased
R.M. Lucas Co. 91,839 12400 S. Laramie Avenue, Alsip Sold
Lease and Sale Volume | South Suburbs
Historical Trends | South SuburbsAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
Southeast WisconsinVacancy And Supply
The Southeast Wisconsin market saw 240,000 square feet of space return to the market in the third quarter, a 30.0 percent increase from the 184,000 square feet that became available during the second quarter. This caused the Southeast Wisconsin vacancy rate to increase to 3.53 percent.
Vacant supply in Southeast Wisconsin totaled 1.8 million square feet in the third quarter, which was nearly 200,000 square feet more than the 1.6 million square feet available in the second quarter.
Construction Activity
After seeing three new build-to-suit projects totaling 2.0 million square feet constructed in the second quarter, the Southeast Wisconsin market had no new construction completions in the third quarter.
Market IndicatorsSOUTHEAST WISCONSIN Q2 2015 Q3 2015
VACANCY 3.20% 3.53%
ABSORPTION 1,963,112 -174,172
RENTAL RATE $4.16 $4.10
Lake Michigan
0 1 5 10 miles
NORTH
94
94
94
94
94
9457
294
80
80
55
55
55
355
294
290
290
290
88
88
355
294
90
90
90
90
90
190
41
94
165
31
50
142
32
Elgin-O
'Hare Expy.
East-West Tollway
45
45
41
41
45
12 20
45
34
34
12
12
14
83 60
8322
68
7262
21
5953
58
20
3120
64 53
64
83
59
43
504353
53
171
7 50
Lake Cook Rd.
45
CHICAGONORTH
CHICAGO SOUTH
O'HARE
NORTHSUBURBS/COOK
LAKE COUNTY
CENTRALDuPAGE
NORTHWESTSUBURBS
I-290 NORTH
I-290 SOUTH
SOUTH SUBURBS
ELGIN I-90
I-88 / FOX VALLEY
I-55 CORRIDOR
FAR SOUTH SUBURBS
NORTH-WEST INDIANA
SOUTHEAST WISCONSIN
I-80 / JOLIET CORRIDOR
DeKALB COUNTY
McHENRY COUNTY
30 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Leasing And Sale Activity
While there were no leases reported in the second quarter, just one lease transaction occurred in the Southeast Wisconsin in the third quarter totaling 30,800 square feet.
Sale activity declined sharply in this market, as only one third quarter sale transaction was recorded totaling 35,200 square feet. Three sales occurred in the previous quarter totaling 527,000 square feet.
Absorption
Weakened tenant and user demand during the third quarter resulted in net absorption of negative 174,000 square feet, down from the second quarter total of positive 1.9 million square feet.
Southeast Wisconsin | 3Q 2015TENANT/BUYER SIZE (SF) ADDRESS TYPE
Gourmet Foods International 35,216 9629 58th Place, Kenosha Sold
Undisclosed 30,805 4811 Green Bay Road, Kenosha Leased
Lease and Sale Volume | Southeast Wisconsin
Historical Trends | Southeast WisconsinAbsorption and Vacancy
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Chicago Metro Elgin I 55 Northwest Suburbs
Central DuPage Fox Valley I 80 O'Hare
Chicago North I 290 North Lake County South Suburbs
Chicago South I 290 South North Suburbs Southeast Wisconsin
0%
2%
4%
6%
8%
10%
12%
14%
-2.0-1.5-1.0-0.50.00.51.01.52.02.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-25.0-20.0-15.0-10.0-5.00.05.0
10.015.020.025.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.010.020.030.040.050.060.070.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.6-0.4-0.20.00.20.40.60.81.01.21.4
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%2%4%6%8%10%12%14%16%18%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
5%
10%
15%
20%
0.00.51.01.52.02.53.03.54.04.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
16%
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
-1.5
-1.0
-0.5
0.0
0.5
1.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.20.40.60.81.01.21.41.6
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.01.02.03.04.05.06.07.08.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
0%
2%
4%
6%
8%
10%
12%
14%
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Vaca
ncy
Rate
Squa
re F
eet A
bsor
bed
(Mill
ions
)
0.00.51.01.52.02.53.03.54.0
2009 2010 2011 2012 2013 2014 YTD-3Q2015
Mill
ions
Leased Sold
Significant Lease and Sale Activity
31 Research & Forecast Report | Third Quarter 2015 | Chicago / Industrial | Colliers International
Third Quarter 2015 Industrial Market Statistics
SUB-MARKET TOTAL INVENTORY SQ. FT NEW SUPPLY CAME ON MARKET
VACANCY RATE
CURRENT QTR
VACANCY RATE PRIOR
QTR
NET ABSORPTION
CURRENT QTR-SF
NET ABSORPTION YTD-SF
LEASED SF CURRENT QTR.
SOLD SF CURRENT QTR.
UNDER CONSTRUCTION CURRENT QTR.
AVE ANNUAL ASKING RATE/SF
AVE ASKING SALES
PRICE/SF
Central DuPage County
84,486,993 -16,501 825,953 7.07% 7.81% 627,153 125,122 1,153,446 121,539 154,126 $5.54 $72.14
Chicago North
89,463,780 -30,000 391,598 4.82% 4.85% (144,757) 1,084,836 99,277 52,982 0 $8.50 $49.06
Chicago South
83,853,721 0 556,130 10.03% 10.11% (16,690) (15,222) 383,383 74,557 536,901 $4.18 $31.74
DeKalb County
19,981,307 0 0 3.96% 3.96% 0 (33,311) 0 0 220,000 $3.29 $34.52
Elgin I-90 Corridor
30,817,070 134,400 379,745 11.33% 11.11% 50,995 1,196,967 211,240 71,970 463,086 $4.70 $56.35
Far South Suburbs
45,378,632 0 221,798 5.05% 4.56% (221,798) (143,355) 0 0 0 $3.51 $32.41
Fox Valley 91,495,178 -18,000 167,518 6.14% 6.25% 65,351 860,809 369,046 154,723 2,846,459 $4.29 $53.60
I-290 North 74,492,328 -175,804 587,525 8.08% 7.51% (589,645) (1,407,151)
29,524 64,763 588,233 $4.53 $36.14
I-290 South 46,184,573 -200,000 682,699 8.99% 7.88% (698,594) (915,910) 82,389 101,716 0 $5.07 $31.49
I-39 Corridor 17,919,915 0 10,000 3.05% 2.99% (10,000) (24,670) - 0 0 $2.75 $21.46
I-55 Corridor 79,364,467 0 1,707,292 10.49% 10.41% (144,733) 1,682,724 1,518,961 0 1,178,481 $4.50 $68.92
I-80/Joliet Corridor
75,662,362 1,700,000 572,553 6.93% 6.94% 1,571,662 3,859,795 382,115 22,200 2,313,838 $4.23 $47.81
Lake County 71,215,793 0 885,728 9.94% 9.86% (65,820) 766,988 304,986 360,181 1,057,582 $5.06 $54.70
McHenry County
30,099,848 0 25,040 15.91% 16.64% 213,161 (496,456) 57,692 156,001 0 $4.09 $40.75
North Suburbs
56,429,217 306,448 546,935 6.46% 6.48% 200,761 (560,479) 321,898 119,350 217,280 $4.92 $51.70
Northwest Suburbs
34,360,583 0 211,393 8.56% 8.68% 34,599 200,371 79,902 35,683 423,672 $5.37 $68.01
O’Hare 139,321,893 130,980 1,365,832 5.35% 5.45% 68,890 287,519 986,095 216,548 532,643 $5.17 $57.59
South Suburbs
101,752,865 0 1,117,912 7.31% 7.11% (219,905) 339,845 736,268 91,839 210,000 $3.73 $28.37
Metro Chicago Total
1,172,280,525 1,831,523 10,255,651 7.55% 7.52% 720,630 6,808,422 6,716,222 1,644,052 10,742,301 $4.66 $47.52
Northwest Indiana
54,497,326 18,120 237,400 5.39% 5.99% 348,672 409,924 310,449 286,918 459,813 $3.84 $37.48
Rockford Area
52,742,503 646,533 375,392 6.52% 6.01% 336,916 1,287,099 0 53,775 150,000 $3.45 $23.90
Southeastern Wisconsin
52,328,908 0 240,193 3.53% 3.20% (174,172) 2,046,181 30,805 35,216 1,210,608 $4.10 $33.10
GRAND TOTAL
1,331,849,262 2,496,176 11,108,636 7.26% 7.23% 1,232,046 10,551,626 7,057,476 2,019,961 12,562,722 $4.54 $45.34
QUARTERLY COMPARISON AND TOTALSQ3-15 1,331,849,262 2,496,176 11,108,636 7.26% 7.23% 1,232,046 10,551,626 7,057,476 2,019,961 12,562,722 $4.54 $45.34Q2-15 1,329,353,086 5,055,598 11,904,129 7.23% 7.59% 8,050,705 9,319,580 10,599,958 6,160,899 12,828,045 $4.50 $46.05
Q1-15 1,324,297,488 842,754 12,882,189 7.59% 7.73% 1,268,875 1,268,875 8,468,438 3,956,251 11,980,180 $4.50 $43.96
Q4-14 1,323,219,994 3,166,269 12,687,105 7.73% 7.97% 5,335,081 17,494,986 8,939,567 4,599,084 12,608,925 $4.41 $43.56
Q3-14 1,320,053,725 2,102,509 9,699,511 7.97% 9.03% 7,802,102 12,159,905 9,913,838 5,530,040 15,613,944 $4.31 $43.24
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
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colliers.com
502 offices in 67 countries on 6 continentsUnited States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108
$2.3billion in annual revenue
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16,300professionals and staff
MARKET CONTACT:Diana Perez Research Analyst | Chicago+1 847 698 [email protected]