Regional Summaries

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Chicago, IL

The development boom took a one-quarter breather in the 468,198-unit, market-rate, investment grade Chicago apartment market, and the vacancy rate stabilized in the first quarter of 2017. Reis reports a vacancy rate of 4.1% in the first quarter of 2017, unchanged for the period but up 30 basis points from a year earlier. Rents continued to rise in the first quarter, but the average asking rent increased 0.8% to $1,303 per month, while the average effective rent rose just 0.6% to $1,235 per month. The difference between the two measures means concessions are rising. The year-over-year gains are large at 4.2% asking and 4.0% effective. VIEW APARTMENT LISTINGS >
A massive industrial boom driven in large part by e-commerce seems to be centered in Chicago, long one of the nation’s transportation and transshipment centers. The 545.1-million-square-foot Chicago warehouse/distribution market has had a huge development boom as a result, particularly since so much of its existing inventory is obsolete. The 49.3-million-square-foot Flex/R&D market has been slow to recover, but it is starting to attract new development as well. The first quarter 2017 warehouse/distribution vacancy rate is 12.2% for metro Chicago, up 10 basis points during the first quarter but down 30 from a year earlier. The new supply has put a lid on rent gains for the existing inventory. For Chicago’s warehouse/distribution market, the first quarter of 2017 saw the average asking rent rise 0.2% to $4.89 psf and the average effective rent increase 0.5% to $4.35 psf. The year-over-year increases are a moderate 2.1% and 2.6%, respectively. The local Flex/R&D vacancy rate was 13.9% in the first quarter, up 40 basis points for the period but down 120 year-over-year. For Flex/R&D space, Chicago’s average rents increased just 0.1% by both measures during the first quarter. Compared with a year earlier, the asking average is up 1.5% to $8.02 psf, with the effective average up 1.8% to $6.87 psf. VIEW INDUSTRIAL LISTINGS >
The 247-million-square-foot metro area Chicago general purpose, multi-tenant office market got off to a strong start in 2017, with two major buildings completing construction in the first quarter but net absorption nearly equaling the large amount of new supply. Rents posted a relatively large quarterly rent gain compared with the modest pace of annual gains in the wake of the recession. Reis reports a first quarter 2017 vacancy rate of 17.7% for the Chicago office market, essentially unchanged during the first quarter and up 10 basis points from a year earlier. After two quarters of very limited gains, in the first quarter of 2017, the average asking rent increased 0.8% to $30.42 psf, and the average effective rent rose 0.9% to $23.45 psf. The year-over-year gain is 2.6% by both measures. VIEW OFFICE LISTINGS >
Both metro Chicago’s 103.25-million-square-foot community-neighborhood shopping center market and its power center market are back in recession, after never having fully recovered from the prior one. Reis reports a 12.4% community-neighborhood shopping center vacancy rate for the first quarter of 2017, down 10 basis points during the quarter but up 50 year-over-year. Community-neighborhood shopping center rents fell from 2008 to 2012, but they have been edging up since. In the first quarter, both the average asking rent and the average effective rent were up 0.2% to $19.97 psf and $17.62 psf, respectively. The year-over-year gain is just 0.6% by both measures. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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