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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.