Industrial

Chicago-Area Industrial Market Maintains Momentum in Third Quarter

CHICAGO, October 9, 2019 – The Chicago-area industrial vacancy rate continued to decline in the third quarter even as developers bring more supply to market, suggesting long-term fundamentals remain despite lingering economic and geopolitical uncertainty, according to the newly released “Chicago Q3 Industrial Market Snapshot” from Cushman & Wakefield, the top industrial agency leasing firm in Chicago. “As we head into the final months of 2019, signs point to yet another year of growth for Chicago-area industrial activity,” said Jason West, vice chair, on Cushman & Wakefield’s Chicago industrial team. “Firms like Crate & Barrel, which recently reported that nearly half of its sales are now online, continue to drive demand for large-scale distribution centers with easy access to consumers. We’ve already seen more of these big-box deals in 2019 than during the same period last year, and with several others expected to close by year’s end, we’re confident in [...]

Cushman & Wakefield Represents Landlord and Tenant in Large Edens Corridor Industrial Lease

CHICAGO, Sept. 3, 2019 – Cushman & Wakefield represented the landlord, Hillwood, and tenant, an undisclosed e-commerce company, in the long-term lease of Skokie Commerce Center, a newly constructed 236,912 square feet (sf) industrial building at 3609 - 3639 Howard St., in Skokie, Ill. The transaction is one of the largest leasing deals in the Edens Corridor this year, topping the lease of 202,259 sf at 7080 N. McCormick Blvd. in Lincolnwood to CubeWork in June. The 15.18 acre site is conveniently located off the I-94 expressway and is accessible from both Howard St. and Touhy Ave. Jason West, Vice Chair, and Steve Stone, Director, of Cushman & Wakefield represented Hillwood in the transaction. “The property provides the new tenant with a modern facility, ample car and trailer parking, and excellent access to the near north suburbs and city of Chicago,” said West.  About Cushman & Wakefield Cushman & Wakefield [...]

Why Chicago Stands to Benefit from Last Mile Logistics Growth

Market’s central location, comparatively low costs, deep labor pool and diversified economy make it ideal for eCommerce and logistics companies CHICAGO, Aug. 7, 2019 – As eCommerce continues to grow, companies that make, sell, store and transport goods are increasingly focused on the “last mile,” or the final leg of delivery to the end user. Already accustomed to two-day deliveries, today’s consumers are demanding shorter delivery times – including same-day and next-hour services – making Chicago a key market for last mile expansion due to a confluence of factors, including low costs relative to coastal markets, the availability of skilled labor, an extensive transportation network and centralized location, with more than 48 million potential consumers within a six-hour drive of downtown. Cushman & Wakefield, the top industrial agency leasing firm in Chicago based on data from CoStar Analytics, has released “Go the Last Mile,” an infographic report with key stats [...]

2019-08-07T17:12:21-05:00August 7th, 2019|Tags: , , , , , , |

Industry Leader Mike Nelligan Joins C&W Industrial Team

CHICAGO, July 29, 2019 – Cushman & Wakefield has announced the addition of Mike Nelligan, an industry veteran of over 25 years, as senior director on the Chicago industrial brokerage team. Nelligan will work on both tenant representation and agency leasing out of the company’s Rosemont office, and will focus on the O’Hare and Central DuPage submarkets. Nelligan most recently served as leasing and acquisitions officer with Exeter Property Group, where he was responsible for leasing, acquisitions and development of industrial and office properties in the Midwest, with a focus on the Chicago market. He was previously executive vice president at JLL on their industrial group for more than 12 years, representing tenants and owners throughout the Chicago area, including clients such as Newell Brands, Spectrum Brands and Kellogg Company. Vicki Noonan, Chicago Managing Principal at Cushman & Wakefield: “The industrial sector continues to evolve, with high demand and record-low [...]

2019-07-29T14:13:59-05:00July 29th, 2019|Tags: , , , |

Fueled by E-Commerce, Chicago Industrial Market Still Poised for Growth at Mid-Year

CHICAGO, July 12, 2019 – Chicago’s industrial market continued to gain momentum in the first half of 2019, with a record-low vacancy rate, historically strong rental rates and a robust construction pipeline, according to the newly released “Chicago Q2 Industrial Market Snapshot” from Cushman & Wakefield, the top industrial agency leasing firm in Chicago over the past three years, based on data from CoStar Analytics. “Coming off a huge year in 2018 for new leasing activity and building completions, we were cautiously optimistic about 2019, which has already exceeded expectations at mid-year,” said David Friedland, executive director and Chicago Industrial Group leader for Cushman & Wakefield. “E-commerce, logistics, food and beverage and other industries continue to drive development, sales and leasing activity.” The local vacancy rate dropped to a record 19-year low of 5.0% in the second quarter, down from 5.5% in the first quarter and 6.3% a year earlier, [...]

2019-07-12T15:24:05-05:00July 12th, 2019|Tags: , , |

Cushman & Wakefield Represents LTD Commodities in Long-Term Renewal of 694,367 SF Distribution Facility in Aurora

CHICAGO, July 11, 2019 – Cushman & Wakefield represented LTD Commodities, one of the country's premier catalog and online merchandisers, on a long-term, 10-year renewal of its 694,367 square feet (sf) distribution facility, located at 1000 Bilter Road in Aurora, Ill. Jason West, Vice Chair and Chris Cummins, Executive Director, of Cushman & Wakefield represented LTD Commodities. The landlord, Liberty Property Trust, was represented by Matt Neumann. “The long-term lease extension resulted from a mutually beneficial relationship between the landlord and LTD Commodities at this key distribution facility, which is the ideal location to accommodate their employees and the delivery of product,” said West. “The facility works well for their current needs and the landlord’s willingness to upgrade the existing infrastructure of the warehouse will help to address any changing needs in the future.” About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services [...]

Cushman & Wakefield Represents Landlord in Large Edens Corridor Industrial Lease

CHICAGO, June 25, 2019 – Cushman & Wakefield represented the landlord New Lincoln LLC in the long-term lease of 202,259 square feet (sf) of an industrial building at 7080 N. McCormick Blvd., in the near north suburb of Lincolnwood, to CubeWork, an office and warehousing co-working company. The transaction is one of the largest leasing deals in the Edens Corridor over the past 10 years. The 234,000 sf property sits on a 8.6 acre land site, and the balance of the building is leased to Service King, a national vehicle collision repair company. Steve Stone, Director, Advisory and Transaction Services, of Cushman & Wakefield represented New Lincoln LLC on the leasing side. CubeWork was represented by Bill Mass of Mass Realty. “This property offers the new tenant with a great deal of flexibility under one roof in a prime location just outside of the Chicago city limits,” said stone. About [...]

Three Chicago Area Brokers Promoted to Vice Chairs

CHICAGO, May 29, 2019 – Cushman & Wakefield has announced that three of its top producing Chicago area brokers—Britt Casey (Industrial), Alex Smith (Tenant Representation) and Jason West (Industrial)—have each been promoted to Vice Chair. As leaders in their service lines, each has ranked in Cushman & Wakefield’s Chicago Top 25 Producer list for the past three years. All three have also been recognized nationally, ranking on Cushman & Wakefield’s Americas Top 100 Producers this year. “Britt, Alex, and Jason have consistently achieved tremendous individual and team success and are leaders in their respective fields,” said Vicki Noonan, Chicago Managing Principal, Cushman & Wakefield. “Their passion and commitment to their clients – creating solutions and driving results – has contributed significantly to their success and to the overall success of the firm. These individuals are recognized by industry peers and organizations in Chicago and across the country – I am extremely [...]

Cushman & Wakefield Completes 1.5 MSF of leasing in I-55 Corridor

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 [...]

Cushman & Wakefield Recognizes 2018 Top Producers in Chicago

CHICAGO, March 21, 2019 – Cushman & Wakefield celebrates outstanding work on behalf of their valued clients, and the commitment and hard work of their 2018 Top Producers in Chicago. The firm’s global headquarters here in Chicago this week honors 27 individuals across its brokerage service lines including Capital Markets, Tenant Representation, Industrial, and Agency Leasing for their dedication to their work, their clients and the company. “I’m incredibly proud to recognize some of our outstanding brokers in Chicago in 2018, six of whom made Cushman & Wakefield’s Americas Top 100 List, which is a true testament to the strength of our Chicago platform and work on behalf of clients,” said Vicki Noonan, Chicago Managing Principal, Cushman & Wakefield. “Each of these individuals has made a tremendous impact on our business, our company culture and they are standouts in the commercial real estate sector. These talented professionals are also the [...]