The industrial real estate market in Chicago has adapted to the economic shifts caused by the pandemic. Fortunately, there are a lot of new warehouse projects in the area being built currently. It is a positive sign of the rising demand for industrial real estate properties in Chicago and the surrounding areas. Three of the top 10 projects are being built for Amazon and another is for Facebook, which shows the growing presence of these big tech companies in the area.
Cawley Commercial Real Estate pulls the Top 10 Industrial Projects Under Construction regularly to give an idea of the commercial real estate properties arising in the area.
Key Stats for Chicago Industrial Projects Under Construction
# of Properties: 60 (60 in Q4 2020)
Total Square Feet Under Construction: 20,409,346 (21,590,895 in Q4 2020)
Percent of Inventory Under Construction: 1.7% (1.8% in Q4 2020)
% of Preleased Property Space: 62.9% (57.9% in Q4 2020)
Top 10 Under Construction Industrial Projects in Chicago
1) Ferrara Candy – Gurler Rd
Rating: 5
Building Square Feet: 1,660,00
Stories: 1
Project Start Date: February 2020
Project End Date: May 2021
Developer / Owner: Trammell Crow Company / Ferrara Candy Company
2) Building B BTS – 24101 S Bradley Rd
Rating: 4
Building Square Feet: 1,360,520
Stories: 1
Project Start Date: September 2020
Project End Date: October 2021
Developer / Owner: Venture One Real Estate / USAA Real Estate
3) Wayfair – 1040 W Renick Rd
Rating: 5
Building Square Feet: 1,200,420
Stories: 1
Project Start Date: March 2021
Project End Date: March 2022
Developer / Owner: Not Listed / Duke Realty Corporation
4) Amazon – 23257 S Central Ave
Rating: 5
Building Square Feet: 1,015,000
Stories: 1
Project Start Date: July 2020
Project End Date: February 2021
Developer / Owner: Venture One Real Estate
5) Exchange 55 – 3501 S Pulaski Rd
Rating: 5
Building Square Feet: 999,900
Stories: 1
Project Start Date: July 2020
Project End Date: April 2021
Developer / Owner: Hilco Real Estate / Hilco Redevelopment Partners
6) Facebook DeKalb Data Center – Gurler Dr
Rating: 5
Building Square Feet: 907,000
Stories: 1
Project Start Date: October 2020
Project End Date: October 2021
Developer / Owner: Not Listed / Facebook
7) 3835 Youngs Rd
Rating: 5
Building Square Feet: 906,517
Stories: 1
Project Start Date: March 2020
Project End Date: August 2021
Developer / Owner: Clarius Partners, LLC / Not Listed
8) Amazon – 7001 Vollmer Rd
Rating: 5
Building Square Feet: 823,173
Stories: 1
Project Start Date:August 2020
Project End Date: March 20201
Developer / Owner: Seefried Properties, Inc. / Amazon
9) Amazon Distribution – 15924 Western Ave
Rating: 5
Building Square Feet: 750,000
Stories: 5
Project Start Date: July 2020
Project End Date: June 2021
Developer / Owner: Scannell Properties / Scannell Properties
10) 6800 W 68th St
Rating: 5
Building Square Feet: 655,200
Stories: 1
Project Start Date: February 2021
Project End Date: May 2022
Developer / Owner: Not Listed / Not Listed
View the Latest Comprehensive Chicago Industrial Real Estate Report