Demand for warehouses, and logistics and distribution centers is so strong that even the Port of Chicago is getting in on the action.
About 90 acres will be offered for lease for industrial development along the Bishop Ford Freeway, according to Crain’s. The board of the Illinois International Port District, which oversees the 1,800-acre port, was expected to begin soliciting proposals today for the land, which is located between the freeway and Lake Calumet north of 130th Street. Developer David Doig said it could allow for up to 1 million square feet of industrial development, the report noted.
Industrial real estate has been one of the best-performing sectors during the pandemic, with the surge in demand attracting a wave of foreign investors to the U.S.
Industrial real estate saw a boom in Chicago during the pandemic, led in part by Amazon, which has leased and acquired millions of square feet of real estate. From March through July 2020, Amazon leased 11 million square feet of distribution centers and warehouses in the Chicago area. And earlier this month, it agreed to pay $45 million for a massive industrial site in Gage Park that could be redeveloped into a 1.5 million-square-foot facility.
[Crain’s] — Alexi Friedman