“Spec” in the Real Estate Market
“Spec” – A word not often heard in the industrial real estate market since the recession of 2008. Well its back. Actually its been back in the industrial sector since 2011. As markets conditions continue to improve spec its becoming more common. The Chicago market industrial vacancy peaked at 12.2 percent in 2010 and as of the 2nd quarter this year it has fallen to 8.4 percent. Some specific sub-markets in Chicago have even lower vacancy rates. Such as I-55 market and the O’Hare market. Industrial developers and institutional money is taking note and reacting accordingly. Are rental increases around the corner? See the article from Globe St., click here.