Chicago continues to be one of the “hottest industrial leasing markets” in the country, according to Britt Casey, executive director of Cushman & Wakefield.
Cushman & Wakefield’s Chicago industrial real estate services team is off to a “strong start” in 2013, highlighted by seven big-box transactions, Casey said in a written statement. “It registered 14.9 million square feet of absorption last year, outpacing all 73 other markets tracked by Cushman & Wakefield and its Alliance Partners. The vacancy rate has dropped 1.1 percentage points, and rents have climbed 3 percent during the past year. These tightening fundamentals bode well for landlords looking forward through 2013 and beyond.”
The Casey team, which is based in Cushman & Wakefield’s Rosemont, Ill., office, also includes Michael D. Hawryluk, associate director; Al Caruana, director; Christopher P. Lydon, SIOR, senior director; and Linda L. Biedron, client coordinator.