Intelligence

Regional Summaries

Select a state to view available market snapshots

Chicago, IL

Apartment
The 467,791-unit investment-grade Chicago apartment market was balanced in 2016 at a high level of activity, with little change in vacancy despite an ongoing construction boom and a rate well below 5.0% at year-end. Reis reports a vacancy rate of 4.1% for the fourth quarter of 2016, up just 10 basis points over the year and up 20 from the prior quarter. Last year was another strong year for metro Chicago rents despite all the new supply. The average asking rent was up 4.0% over the year to $1,295 per month, with the average effective rent up 4.2% to $1,225 per month. The fourth quarter gain was 0.9% by both measures, matching the increase of the quarter before. VIEW APARTMENT LISTINGS >
Industrial
The 544-million-square-foot Chicago warehouse/distribution fourth quarter of 2016 vacancy rate is 12.1% for metro Chicago, down 50 basis points over the year and 60 basis points for the quarter alone. During 2016 for Chicago’s warehouse/distribution market, the average asking rent increased 2.5% to $4.88 psf, and the average effective rent rose 2.8% to $4.34 psf. The fourth quarter increases were 0.8% and 0.9%, respectively. The Chicago Flex/R&D vacancy rate was 13.5% in the fourth quarter, down 160 basis points in 2016 and down 120 for the quarter alone. For Flex/R&D space, Chicago’s average rents increased by 1.8% asking to $8.01 psf and 2.1% effective to $6.86 psf during 2016, including gains of 0.5% and 0.6%, respectively, for the quarter. VIEW INDUSTRIAL LISTINGS >
Office
The 246-million-square-foot Chicago metro area general purpose, multi-tenant office market reports a fourth quarter 2016 vacancy rate of 17.7% for the Chicago market, down 50 basis points over the year and down 10 during the fourth quarter. Rent gains were modest in 2016 and stronger earlier in the year than later. The average asking rent increased 2.1% over the year to $30.17 psf, and the average effective rent rose 2.2% to $23.25 psf. The fourth quarter gain is just 0.4% by both measures. VIEW OFFICE LISTINGS >
Retail
Reis reports a 12.4% vacancy rate in Chicago’s 103.2-million-square-foot community-neighborhood shopping center market in the fourth quarter of 2016, up 40 basis points during the year but unchanged for the quarter. In 2016, the Chicago average asking community-neighborhood shopping center rent increased 0.6% to $19.91 psf, with the average effective rent up 0.7% to $17.57 psf. The fourth quarter increases were 0.4% and 0.3%, respectively. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Commercial Real Estate Market Information

Coldwell Banker Commercial has commercial real estate market statistics to help you find out more about your local commercial real estate market. Whether you are looking for commercial real estate market trends or information on a commercial real estate markets size, we have the commercial real estate market reports you need. If you did not find the commercial real estate market information you were looking for contact us today!

White Papers

 

     

Additional Resources