Industrial developers setting new construction records, but gold rush likely to end in 2023
Industrial builders in Chicagoland smashed records for new construction this summer, surpassing the already fast development pace of 2021. Sleek modern warehouses used to store and distribute goods, feeding online customers’ appetite for ever-faster deliveries, account for most buildings underway.
“When people hear the word industrial, they still think of smokestacks, but this is, almost without exception, warehouse and distribution space,” said Craig Hurvitz, vice president of market research at Colliers International.
Rising and an didn’t slow metro area groundbreakings. Developers in the third quarter began construction on 48 buildings which, when completed, will total 17.2 million square feet, 32% greater than the previous record, according to Colliers. These projects brought the total under construction to 32.5 million square feet, the most at one time in the market’s history.
