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Chicago Deal Highlight: Competition Intense for Refrigerated Industrial Space

From time to time, we like to highlight recent trends from the CompStak database that we find interesting. We hope you will find the information helpful.

   
8424 West 47th Street in Lyons

Competition Intense for Refrigerated Industrial Space

A food distribution company secured its first Midwest location with it's new lease of just under 60,000 square feet at 8424 West 47th Street in Lyons. The company will pay nearly $10 a square foot starting rent in the five-year term. The lease at the Bridge Development underscores just how competitive industrial space, especially refrigerated space, has become in Chicagoland. Similarly, A wine storage specialist signed for nearly 70,000 square feet of climate-controlled space this quarter and a restaurant holding company took space in the same building over the past year. All leases were above the submarket industrial average.