In the first quarter, the average asking rent for industrial properties in the Chicago metropolitan area was 3.4 percent higher than it was during the same time last year, though this growth rate is slowing.
This growth brought the average asking rent to $9.48 per square foot during the first few months of 2025, according to a new report from commercial real estate services firm Transwestern.
The area with the highest asking rent was North Chicago, where the asking rent was $13.03 per square foot. The lowest was $5.63, in the Upper Northwest area.
Overall, the industrial market in the Windy City was stable in the first quarter, was the direct vacancy rate of 5.2 percent did not change from the prior quarter and ticked down 10 basis points from the same time last year.
However, uncertainty from tariff policies could hamper both industrial supply and demand in the short term, the report noted.
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