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Regional Summaries

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Chicago, IL

Apartment
The 484,506-unit market-rate, investment grade Chicago apartment market started 2019 strong, according to Reis data, with falling vacancy and solid rent gains. The first quarter 2019 vacancy rate is 4.8%, according to Reis, down 10 basis points from the prior quarter and down 20 from a year earlier. After slowing during the fourth quarter of 2018, rent gains picked up again in the first quarter of 2019. The average asking rent increased 1.2% to $1,443 per month, and the average effective rent rose 1.7% to $1,371 per month. The year-over-year gains are 4.0% asking and 4.1% effective. VIEW APARTMENT LISTINGS >
Industrial
Net absorption slowed in the 575-million-square-foot metro Chicago warehouse/distribution market in the first quarter of 2019, but new supply slowed as well. The first quarter 2019 warehouse/distribution vacancy rate is 12.0% for metro Chicago, down 10 basis points over the quarter and down 40 year-over-year. Warehouse/distribution rents continue to surge. During the first quarter of 2019 the average asking rent increased 1.2% to $5.25 psf, and the average effective rent rose 1.5% to $4.75 psf. The year-over-year gains are 2.2% and 4.6%, respectively. The 49.5-million-square-foot Chicago Flex/R&D market remains stagnant. The vacancy rate here is 13.3% for first quarter 2019, up 30 basis points over the year but still down 40 year-over-year. Flex/R&D rents are still weaker, with the average asking rent up just a penny during the first quarter to $8.28 psf and the average effective rent unchanged at $7.12 psf. The year-over-year gains are 1.3% and 1.7%, respectively, similar to the annual gains recorded in 2017 and 2018. VIEW INDUSTRIAL LISTINGS >
Office
The 252-million-square-foot Chicago metro area general purpose, multi-tenant office market posted a first quarter 2019 vacancy rate of 17.9%, according to Reis, down 10 basis points both from the prior quarter and from a year earlier. During the first quarter of 2019 the average asking rent increased 0.6% to $31.60 psf and the average effective rent rose 0.7% to $24.34 psf. The year-over-year gains are 2.3% and 2.4%, respectively, consistent with the small increases this market has posted in good years over the past two decades. VIEW OFFICE LISTINGS >
Retail
The 103.38-million-square-foot metro Chicago community-neighborhood shopping center market reports a 12.6% vacancy rate for the first quarter of 2019, down 20 basis points from the prior quarter and also down 20 from a year earlier. For community-neighborhood shopping centers, Reis reports the average asking rent edged down a penny during the first quarter to $20.36 psf and the average effective rent edged up a penny to $18.00 psf. The year-over-year gains are very modest at 0.8% and 1.0%, respectively. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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CBC Infographics

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