Healthy Economy Means Warehouse Space in Chicago is Harder to Find
A sure sign that the economy is healthy and thriving is the amount of available commercial or industrial real estate on the market. Amenity-rich, easily accessible and affordable Warehouse space in Chicago is getting tougher to find in this market. Several pieces of recent data have shown us that the amount of available space and that the time it takes to sell that space are both down. Also, that the industrial real estate market is enjoying a five-year win streak. These factors are making it difficult for companies searching for suitable warehouse space in the Chicago area.
Online retailers and shipping firms have increased the need for conveniently located warehouse space. Now that our economy is stabilizing Americans are buying more furniture, large appliances and other goods than they have in a decade. More companies are finding that they need a warehouse or industrial space to serve their customers successfully. And they need this space to be accessible to major expressways, railways, and airports. This means there are more tenants searching for available space in all of the same areas. But the right space is not easy to find. According to a recent article in Crain’s Chicago Business, “after dropping for seven quarters in a row, the vacancy rate is now at its lowest level since third-quarter 2001”.
Another statistic that shows how tough it is for warehouse tenants currently is that the industrial real estate market is on a five-year winning streak. A study published this week states “nearly 4.3 million square feet of industrial space was absorbed during the first quarter of 2015 in the Chicago market”. (Source) And 83% of that square footage sold was warehouse and distribution space. While this is good news for real estate professionals and building owners, it’s bad news for companies looking for a new lease.
Owners of warehouse space are finding that it’s taking fewer days to move their property. A recent CoStar report stated that properties in the first month of 2015 “sat on the market for an average of 390 days…down from an average of 417 days in January of 2013.” It’s more important than ever to make sure that you do your research and homework before starting out down the road of searching for warehouse space. With fewer suitable options, you must ensure that you can find a location that will make things easier on your business operations. With such a strong market, you may also see higher prices for spaces that do come available or fewer amenities and perks for tenants.
A Solution to your Warehouse Space Problem on the North Side
The Bradley Business Center is your answer to the problem of finding spectacular warehouse space in this busy market. Located on the North Side of Chicago, our spaces offer proximity to O’Hare airport and the Kennedy Expressway. Our agent will work with you to discuss lease options that will best suit your budget and growth potential. We offer amenities such as a fitness center, technology solutions to help with operations and ample parking for you and your customers. Please contact us to learn more and to find out how you can get situated in your new location at the Bradley Business Center while our amazing warehouse space is still available. We look forward to helping you in this busy market!