Chicago's Industrial Construction Sector Adapts to Cautious Market
Chicago’s industrial construction sector is slowing, but this trend may not be entirely negative. Developers are now approaching projects with caution, carefully weighing financing challenges against the evolving needs of tenants.
“While there are some things happening around the greater Chicago area, activity is well below the levels we’ve seen in recent years,” said Trevor Ryor, vice president of industrial at Clayco.
According to Ryor, larger build-to-suit deals are progressing slowly, with a longer lead time before groundbreaking. Currently, most construction involves smaller infill sites with buildings less than 100,000 square feet. This shift towards smaller projects reflects the market's adaptation to higher interest rates and limited access to capital.
- Developers are focusing on infill and suburban submarkets with reliable demand.
- Larger build-to-suit deals are moving slowly with a longer lead time before breaking ground.
The result is a more disciplined cycle that could strengthen the market's long-term resilience.
Author's summary: Chicago's industrial sector is slowing due to cautious market conditions.
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