Company Bullish on Submarket with Leasing Up and Vacancy Down
CHICAGO, April 23, 2019 – Acting as tenant and landlord representative, respectively, Cushman & Wakefield closed on ten transactions across the I-55 corridor in the First Quarter of 2019, totaling more than 1.5 million square feet (msf). Robust leasing activity and a 360-basis points year-over-year decrease point to strong demand for this Chicago submarket.
Jason West, Executive Managing Director at Cushman & Wakefield credits institutional-quality real estate, proximity to major interstates, competitive rental rates and a strong labor pool for attracting tenants. “Much of the inventory in the I-55 corridor that was built in the last 12-24 months has been absorbed. Net absorption measured 673, 608 square feet during the first three months of 2019, which is a substantial increase over this time last year. Overall vacancy dropped from 13.7% in Q1 of 2018 to 10.1% in Q1 2019, with tenants largely averaging under 100,000 square feet per transaction. New leasing activity totaled over 1.8 msf, a 45.7% increase over this time last year. This pace and volume of transactions in this key Chicago submarket are very positive and we expect the trend to continue through 2019.”
Jason West, Sean Henrick, Michael Magliano and Doug Pilcher represented the tenants and landlords, respectively, in the ten below transactions:
• Represented both the tenant Swap.com and the landlord Prologis in a 132,123 SF lease at 2501 Internationale Pkwy, Woodridge.
• Represented Prologis in a 361,176 SF lease at 850 Veterans Pkwy, Bolingbrook.
• Represented Pepperidge Farm in a 87,602 SF lease at 15901 W 147th St, Lockport.
• Represented both the tenant Lennox Industries, Inc and the landlord MetLife in a 384,768 SF lease at 187 Southcreek Parkway, Romeoville.
• Represented Blackcreek Group in a 74,217 SF lease expansion at 771 Crossroads Parkway, Bolingbrook.
• Represented Bristol Group in a 41,105 SF lease expansion at 11210 Katherine’s Crossing, Woodridge.
• Represented both the tenant Crown Corr, Inc and the landlord Becknell Industrial in a 59,976 SF lease at 1245 Lakeside Drive, Romeoville.
• Represented Casey Products in a 72,142 SF lease renewal and expansion at 11230 Katherine’s Crossing, Woodridge.
• Represented CHEP 178,923 SF lease renewal at 710 Theodore Ct, Bolingbrook. Represented Tenant.
• Represented LG Electronics USA in a 125,000 SF sublease at 1251 W 115th St, Bolingbrook.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.