Lowest vacancy rate in over two decades Chicago’s industrial market is still as hot as ever, with an astounding 40.3 million of direct net SF positively absorbed into it year over year according to CoStar. This level of demand formation is almost double the high set for Chicago in 2004 (24 million SF) and almost twice the average levels seen over the past five years. Leasing activity metro wide took a dip so far into 2022 from the highs of [...]
TMG Real Estate Advisors (TMG), is celebrating the milestone of veteran real estate advisor Jane Robins’ for her 20 years in the commercial real estate industry. As a Senior Vice President at TMG, Robins experience and reputation has broadened the depth and reach of the firm’s commercial real estate services. “Jane’s demonstrated the ability to quickly seize on opportunities and execute for her clients have become a huge asset to TMG as we continue to strengthen our position in the [...]
To keep pace with market demand new construction remains robust. Approximately 20.0 million SF of new space materialized over the past year, with another 30.8 million SF of industrial space currently under construction in Chicago. Over half of current under-construction space is developed on speculation, including four projects that exceed 1 million SF. With demand growth steadily outpacing new supply, vacancy within Chicago’s industrial market declined by -1.5% over the past 12 months to post the lowest vacancy rate [...]
Amazon’s mega distribution network is on an epic growth pace, CoStar reports. What Amazon is building is unprecedented in U.S. commercial real estate, in terms of focusing on creating a collection of industrial buildings that are so large. The Great Pyramid of Giza, which stood as the tallest structure in the world for more than 3,800 years, has a base that can contain about 10 football fields. Amazon’s new mega buildings are typically six times larger. So goes Amazon’s seemingly relentless [...]
TMG’s client who provides shipping solutions for eCommerce companies, needed to grow its footprint to service the northeast United States. The search began at the height of the COVID-19 shutdowns posing widespread challenges. The client sought a state-of-the-art facility in a very competitive market with limited options. The TMG Supply Chain Solutions team led by Dan Smolensky, SIOR kicked in the MTS (Maximizing Tenant Strengths) process. It started with a clear definition of the requirement by all stakeholders, then an [...]
Andris Lizenbergs promoted to Vice President at TMG Real Estate Advisors Commercial real estate advisory and brokerage firm, TMG Real Estate Advisors (TMG), today announces the promotion of Andris Lizenbergs to Vice President. In his elevated role, Lizenbergs will continue to focus on representing logistics, manufacturing, and service-related businesses both locally and nationally. “Andris has been integral to the success of TMG from the moment he walked through the door,” Dan Smolensky, SIOR, co-founder of TMG Real Estate Advisors. “This promotion [...]
New York-Based Firm Joins Other Companies Pouring Into Distribution Space After Making a Reputation in Other Sectors, CoStar reports Thor Equities plans a warehouse development in the Chicago suburbs that’s far more than just another investment. The project shows how the firm long known for retail holdings on glitzy avenues is pushing strongly into popular, but traditionally unglamorous, industrial property. The New York-based developer said it bought a 6-acre site in Schaumburg, in Chicago’s northwest suburbs, where it plans to build [...]
Trends to know for 2022 FMI Consulting presented live (yes live, not online!!!) @ the Association of Industrial Real Estate Brokers (aire-brokers.org) luncheon this week in Chicago. Some interesting takeaways and data points: Trends to watch in 2022, it’s all interconnected: Oil prices are rising We are trending toward an inverted yield curve; the inversion point when short term yields are greater than long term yields. Early sign of Recession? Russia and Ukraine impact: flaming inflation, supply chain snarls, building material challenges, higher fuel, copper [...]
CoStar reports Metro Area Tops Site Selection Survey for Ninth Consecutive Year; Texas Scores Most Attractive State Award. The Chicago area set a record for corporate relocations and expansions in 2021, according to Site Selection magazine, making it the top metropolitan area in the United States for investment for the ninth consecutive year. There were 441 qualifying deals in greater Chicago last year with a combined $2.8 billion in investments, 18,368 new jobs and 59 million square feet of expansion space, [...]
Our client, a manufacturer and distributer of rail car components, had a looming lease expiration on two buildings totaling 115,000 square feet. In addition to the challenges associated with unprecedented demand and limited supply of industrial space in the Chicago metro market, the client was facing the costly endeavor of relocating its complex operation. Remaining in their current location was their priority. The building’s owner, armed with its own knowledge on the landlord favorable market conditions and the significant costs [...]
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