The massive Chicago market includes everything inside the city limits of Chicago as well as Bedford Park and Summit. Rates are at an all time high and vacancy rates currently sit at 4.7%. This territory consists of 2.7 million people with a median household income of $52,497. This market also includes many amenities: the Chicago “L” rapid transit system, 570 parks, 31 beaches, 90 playgrounds, 90 gardens, 66 fitness centers, 10 museums, and more. The submarket is comprised primarily of smaller 1940s- and 1950s-vintage buildings with low ceiling heights that cater to locally oriented users and manufacturers. Six of the metro’s top intermodal yards are located within the submarket—-along with a number of lesser intermodal yards and port facilities located along the south branch of the Chicago River, the Calumet Sag Channel, and Lake Calumet (over which water-born freight still moves through the area). Most of the major users own their own single-tenant facilities, including steel and chemical producers. In addition to these owner/occupiers, there are notable concentrations of companies engaged in construction, food production and grocery distribution, paper and paper packaging, plastic products, steel foundries and steel pipe and tube making, metal fabrication, truck transportation, durable-goods wholesaling, and automotive repair.
Experience / Presence in the Market
The real estate brokerage team of Frank Melchert and Stevan Arandjelovic specializes in representing sellers, landlords, buyers and tenants in Chicago's industrial market. The team has over 18 years of combined experience representing business owners, families and investors alike on Chicago's south side. Through their combined 180 transactions, Frank and Stevan have negotiated and transacted over 9 million square feet with an approximate value of $400 million.
Some of their notable clients are: Chicago Meat Authority, Jeron Electronic Systems, Berkshire Refrigerated, STZ Industries, HomeChef, The Pan Hellenic Scholarship Foundation, the Freidman Family