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Chicago - South Cook County submarket - Industrial - 1/1/2008

Chicago - South Cook County submarket - Industrial - 1/1/2008

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Published by Russell Klusas

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Published by: Russell Klusas on Jul 08, 2008
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05/09/2014

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SUBMARKETREPORT
IndustrialResearch
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IGHLIGHTS
SubmarketMetro
* 2007-2012 Forecast
Submarket4Q 07Vacancy4Q 07Asking Rents
Population658,7589,573,949Avg. Annual Five-Year Chg.*0.0%0.6%Total Households229,5003,375,144Avg. Annual Five-Year HH Chg.*-0.2%0.4%Median Household Income61,658$63,393Median Age37.135.5Employment254,9474,656,565Vacancy Rate (4Q 07)9.8%10.1%Avg. Asking Rent (4Q 07)$3.78$5.13
McHenry County5.4%$4.81West Cook County5.8%$4.79North Cook County5.9%$4.98West Chicago8.4%$3.39OHare9.5%$6.48
South Cook County9.8%$3.78
Southwest/I-5512.4%$4.05
South Cook County is conveniently located in theChicago region and offers access to cities in Indiana andsouthern Illinois via Interstate 80 and Interstate 294.Although the South Cook County industrial submarketremains strong, slower economic growth and addition-al inventory are putting upward pressure on vacancy.Newer properties have been the most affected, withoccupancy rates well above the metro average, where-as older, less-expensive multi-tenant assets have keptvacancy below 10 percent. Demand could continue towane during the coming year due to a decrease in con-sumer spending, relieving the need for distribution andwarehouse space.Deal flow in the area has slowed in the last year,though owner-users remain active, supporting salesand driving price appreciation. This year, buyers willrely on single-tenant properties with long-term,secured leases to provide stability and immediate cashflow. Overall, investors should approach South CookCounty with cautious optimism and an increasedamount of due diligence, as additional competitionfrom newer buildings in surrounding submarketscould soften demand in the future.
© Marcus & Millichap 2008www.MarcusMillichap.com
 First Quarter 2008South Cook County Submarket, Chicago MSA
Chris Best
Research Associate

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