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Chicago Industrial vacancy falls to lowest level since 2006

Crains- July 2014

The local industrial real estate market has completed its comeback from the crash.

The vacancy rate for Chicago-area industrial space fell to 8.4 percent in the second quarter, down from 8.5 percent in the first quarter and 9 percent a year earlier, according to Seattle-based Colliers International.

The vacancy rate hasn’t been that low since third-quarter 2006, before the recession.

Vacancies are dropping amid growing demand for space among smaller and mid-sized businesses. The second quarter included 26 leases of 50,000 to 100,000 square feet, following 19 such deals in the first quarter.