Industrial Market Outlook Q1 2023 Low Vacancy Rates Impact Deal Flow Despite a challenging economic climate, the Chicago industrial market continues to show resilience, with strong tenant demand and low vacancy rates characterizing the market. Landlords remain in the driver's seat as tenants search the market for space, particularly in the 100K SF and under category. Tenants...
March 7, 2023 -- Despite a significant industrial space shortage, VP of Sales Jim Pietrarosso secured a a 75,072-square-foot Chicago industrial lease in the O’Hare submarket. As noted in Connect Media, the full-building lease will allow Masterpiece International to combine three locations into one, expand its space and improve efficiencies. He represented the New York...
February 28, 2023 -- Brown Commercial Group Partner Mike Antonelli looks at what’s top of mind for industrial clients today, including the challenges of finding industrial space in a tight market. Here are three top concerns for the commercial real estate industry. Challenges finding product. There are still companies that want to buy, but the...
February 21, 2023 -- Brown Commercial Group partner Trinity Scurto represented Advanced Metalcraft in nearly tripling its space in an O'Hare submarket lease. The company, a fabricator of precision metal components and assemblies, is moving from a 15,000-square-foot space in Franklin Park, IL to 44,600 square feet at 110 and 210 Gateway Rd. in Bensenville, IL. “This...
February 7, 2023 -- Brown Commercial Group continues to make the news for its industrial and office real estate transactions as well as the accomplishments of its team. Bisnow featured two recent announcements in its Chicago Deal Sheets, which details the ins and outs of Chicago commercial real estate transactions and trends. The stories featured...
Feb. 1, 2023 -- As noted in the Daily Herald and the IL Real Estate Journal, Brown Commercial Group Vice President of Sales Mason Hezner negotiated an O'Hare industrial sale and a lease in Schaumburg, totaling nearly 37,000 square feet. Hezner represented the seller, U.S. Wire & Cable Products LLC, in selling a 27,038-square-foot industrial building...
Jan. 18, 2023 --Brown Commercial Group has promoted Mason Hezner and Jim Pietrarosso to vice president of sales. Both were formerly senior brokers, focusing on industrial and office real estate brokerage services. They have played integral roles in the firm’s industrial sales growth. Hezner joined Brown Commercial Group in 2012 and is a key contributor to...
Industrial Market Trends Q3 2022 Chicago's industrial market recorded a strong third quarter, with rental rates jumping an unprecedented 13 percent and the vacancy rate reaching a new low of 4.54% (and even lower in O'Hare and other submarkets). Among the key industrial market trends to watch are: Interest rates -- Industrial fundamentals remain strong, but rising interest...
December Recap: Chicago's West Suburban Market Kane and DuPage counties continue to see strong industrial activity and super low vacancy rates, creating a challenging environment for companies looking for space. Here's a recap of recent transactions by Maria McNeil, who specializes in the Kane County submarket. She represented industrial tenants and office investors in evaluating their...
December 2022 -- The I-55 suburban industrial market continues to draw growing businesses that are seeking access to Chicago's industrial market and transportation routes that provide connection to surrounding Midwest and National markets. Here's a look at a recent industrial transaction that shows the market dynamics and the importance of having a strategic real estate...
