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Regional Summaries

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Chicago, IL

Apartment
The 486,371-unit market-rate investment grade Chicago apartment market is still booming, posting rent gains at triple the rate of inflation and far above the increase in household average income despite a development boom. The second quarter 2019 vacancy rate is 5.0% according to Reis, up 10 basis points from the prior quarter and also up 10 from a year earlier. The pace of rent gain remained elevated in the second quarter of 2019, as the average asking rent increased 1.5% to $1,485 per month and the average effective rent rose 1.6% to $1,411 per month. The year-over-year gains are large at 6.0% asking and 6.4% effective. VIEW APARTMENT LISTINGS >
Industrial
The 578.2-million-square-foot metro Chicago warehouse/distribution market second quarter 2019 vacancy rate is 12.7%, up 40 basis points over the quarter and also up 40 year-over-year. Warehouse/distribution rent gains slowed sharply during the second quarter but remained positive. The average asking rent increased 0.6% to $5.27 psf, but the average effective rent rose just 0.2% to $4.76 psf. The year-over-year gains are still large at 2.9% and 3.9%, respectively. Chicago's 49.5-million-square-foot Flex/R&D market vacancy rate is also 12.7% in the second quarter, down 60 basis points over the quarter and down 70 year-over-year. Flex/R&D rent gains remain small during the second quarter, with the average asking rent up 0.2% to $8.30 psf and the average effective rent up 0.3% to $7.15 psf. The year-over-year gains are just 1.1% and 1.4%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 252-million-square-foot metro area Chicago general purpose, multi-tenant office market has been flat overall for years, with high but stable vacancy and modest but positive rent gains. Reis reports a second quarter 2019 vacancy rate of 17.8% for the metro Chicago market, essentially unchanged from the prior quarter and down 10 basis points from a year earlier. Rent gains have been about the same for each of the past four quarters. During the second quarter, both the average asking rent and the average effective rent increased 0.7%, to $31.82 psf and $24.52 psf, respectively. The year-over-year gains are 2.6% asking and 2.7% effective. VIEW OFFICE LISTINGS >
Retail
Reis reports a second quarter 2019 vacancy rate of 12.3% for the 103.2-million-square-foot metro Chicago community-neighborhood shopping center market, down 30 basis points from the prior quarter and down 40 from a year earlier. Reis notes both the average asking rent and the average effective rent were up 0.6% for the quarter, to $20.50 psf and $18.12 psf, respectively. The year-over-year gains are very modest at 1.2% asking and 1.3% effective. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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