Following are some of the highlights in the Chicago CRE markets making headlines in Q3 2023: major industrial real estate leases in the area, Tesla’s 10th facility in the works, what’s going on with Sears’ former corporate campus, and much more.

ICG goes through the latest Chicago commercial real estate news, focusing on industrial and office real estate, to put together a list of some of the top stories around the region every quarter.


Chicago Commercial Real Estate News Q3 2023

ML Realty Partners Inks Nearly 1M SF in Chicagoland Industrial Real Estate Leases

ML Realty Partners announced 882,878 square feet of industrial real estate leases in Chicago and surrounding areas over the last few months. There are 10 leases that account for the aggregate amount of leases. Read More

Chicago Is Known As a Major Logistics Hub, But Why?

RE Journals reports on the different factors that account for Chicago’s undeniable importance as a logistics hub in the country and globally. Its geographic location is clearly pivotal, but there are many more reasons. Read More

Tesla Is Starting to Develop Its 10th Facility in IL

Groundbreaking for Tesla’s 10th facility in Illinois is set to begin in early October. The facility will be built in Northbrook and will be a 50,000 square-foot space. Read More

Packaging Company Set to Close 103-Year-Old Plant in Chicago

Menasha Packaging, a Wisconsin-based company that produced boxes for shipping, is closing its plant on the West Side and laying off 128 workers. It’s a “rare blip” for the Chicago industrial real estate market at the moment. Read More

Chicago-Based Investor Placing Big Bet on Chicago Office Property

A Chicagoland investor just purchased a distressed office building near Chicago O’Hare for less than $30M. The investor is going against the current grain of companies looking to offload their office properties currently. Read More

A New Study Finds More Than 100 Chicago Office Buildings Fit To Be Converted to Apartments

Researchers recently evaluated the potential office-to-multifamily conversions around Chicagoland and found that the area has one of the most conversion candidates when compared to markets around the country. Read More

Meridian Finalized 392K-Square-Foot Industrial Real Estate Project for Logistics Property Company

Meridian Design Build recently finalized construction of a 392K-square-foot speculative industrial real estate development for Logistics Property Company in Aurora, IL. Read More

Cavitas Capital Group Buys Office Property in Chicagoland

Cavitas Capital Group acquired a 67K-square-foot office real estate property along with the leasing of a 43K-square-foot property in Nevada. Read More

Kuriyama of America Set To Open Chicago-Area Facility Near Amazon

Kuriyama of America will be the anchor tenant at the Huntley Commercial Center, a 541K-square-foot industrial real estate development in Huntley. It is slated to be completed by the end of 2023. Read More

Data Center Developer Looking to Buy Former Sears Campus

The 273-acre former Sears headquarters campus will be home to a new data center developer. The headquarters is in Hoffman Estates. Read More


Chicago Commercial Real Estate News Q2 2023

Highlights in the Chicago CRE markets making headlines in Q2 2023: the future home of the Chicago Bears, a few big CRE transactions in the area, and the rise of cold storage space demand.

The Chicago Bears’ Next Home Has Come Down To 5 Possible Options

New options are coming to the table for the Chicago Bears’ future home, as they express that they are open to other possibilities that don’t just include the area of the Arlington International Racecourse. Read More

Colliers Arranges Sale of Aurora’s I-88 Gateway Logistics Center

Colliers represented an institutional real estate company in the sale of I-88 Logistics Center in Aurora, IL. The financial institution it was sold to was not disclosed. Read More

Newmark Research Highlights Booming Cold Storage Facility Demands

Newmark’s March 2023 Industrial Insights Report highlighted three major reasons for cold storage facility demand, especially in the Chicago area: e-commerce, aging inventory, and industry consolidation. Read More

Entre Commercial Sells Free Standing Building in Glendale Heights

Entre Commercial sold a 20,502-square-foot building in Glendale Heights, TL. Read More

$11.5M Sale of “Rare” Retail and Industrial Flex Space Completed

JLL Capital Markets closed the sale of 3450 West Touhy Ave in Skokie, IL for $11.5 million. The CRE asset is comprised of a flex retail and industrial real estate spaces. Read More

Aurora Self-Storage Market Will See Change with Projected 243K Square Feet of More Space To Be Added

Aurora, IL is one of the “most undersupplied markets” for self-storage space per person, at 2.4 square feet per person. However, that is set to change with the expansion of its self storage footprint by 32%. Read More

Colliers Facilitates Sale of Seven Retail Assets and One Industrial Property in Chicagoland for $10.5M

A portion of a 26-building portfolio, consisting of seven retail properties and one industrial asset, was sold to Arnold Meyer & Co for $10.5 million. Read More

Chicago Commercial Real Estate News Q1 2023

Highlights of Q1 2023 news in Chicago CRE: Downtown Chicago rental rates, ups and downs for the Chicago office market overall, and the future of multistory industrial assets.

Downtown Chicago Office Asking Rents Drop in Q1 Due to Leasing Activity Decline Since Early 2022

Lack of demand for property space in Downtown Chicago and economic headwinds are affecting rental rates in the area. Read More

The Future of Multistory Warehouses Is Unclear As Amazon Pulls Back From Multistory Warehouse Industrial Asset Project

Prologis developed the first multistory warehouse in the USA, and it started a trend since then. However, recent activity from Amazon has called to question the demand and future of these specific types of properties. Read More

GlobeSt Answers the Question: “What Makes an Office Building ‘Commute Worthy’ in 2023?”

GlobeSt covers the latest office leases signed in Chicagoland, specifically in downtown Chicago. There is a trend of companies leasing space as a clear move to upgrade their working spaces and incentivize people to go to the office. Read More

Class-A Office Buildings Continue To Provide Positive Light for a “Troubled” Chicago Office Sector

The office real estate sector in Chicago is continuing to face many challenges with a negative net absorption and “record-high” vacancy levels. However, Class-A buildings in the area are outperforming in the sector and providing some light in an otherwise troubled market. Read More

Schaumburg Office Building Now Available and On the Market

Experian is downgrading its office footprint and overall workspace by more than 80% in the northwest suburb of the city. The space they once occupied is now being marketed as a possible redevelopment opportunity. Read More

E8-0 Group Leases Office Space in River North

E80 Group, an international intralogistics solutions company, signed a lease for a full-floor, 15,000+-square-foot-office-space at 448 N LaSalle. Read More 

Chicago Receives Multiple Bids to Redevelop LaSalle’s Financial Corridor

Chicago received nine different proposal all around the range of $1.2B to convert seven office buildings in the financial district of the city. Read More

Chicago Commercial Real Estate News Q4 2022

Some of the highlights in the Chicago CRE markets making headlines in the 4th Quarter of 2022: several large property acquisitions, Chicago’s industrial vacancy rate, a major financing deal, and more.

Industrial Sector Riding Momentum from 2022

Industrial real estate is “riding a wave” of momentum into 2023. This article covers the high demand for big box and / or warehouse distribution centers over 200K square feet. Read More

What To Know for Industrial Real Estate Going Into 2023

REJournals covers the great year that the industrial real estate market had in 2022, and looks into 2023 for important projects and possible predictions. Read More

Joint Venture Acquires Chicago Industrial Real Estate Portfolio for $100M

A JV with Clear Height Properties and Harbert US Real Estate just acquired an industrial portfolio of assets in Chicagoland for over $100 million. The portfolio consists of 31 properties total. Read More

An Office in Chicago’s Central Loop Leases Over 100K of Sq Ft in November

425 S Financial Place, a 40-story office complex in the Central Loop of Chicago, leased over 100,000 square feet of office space in Q4 2022. Read More

Demand for Sustainable Warehouses Expected To Jump

According to Prologis, demand for sustainable warehouses is starting to pick up and expected to jump as sustainable products are starting to become more affordable. Read More

Midwest Industrial Funds Seals the Deal On Two Industrial Real Estate Leases

Midwest Industrial Funds inked over 400,000 square feet of leased space in Chicago’s Fox Valley submarket. Read More

Future of Horizon Therapeutics’ Offices in Deerfield Up In The Air After Amgen Acquisition

Amgen, a biotech company, will acquire Horizon Therapeutics (a biopharma company) for $28B. This deal puts the future of Horizon’s Illinois campus in the air. Read More

Chicago Industrial Real Estate Vacancy Rate Starts to Climb a Bit As New Assets Are Completed

Chicago’s industrial real estate vacancy rate went up for a second quarter in a row after years of dropping, as new warehouses and assets come online in the area. Read More

United Rentals Completes Acquisition of Ahern Rentals for $2B

United Rentals, a rental services provider for construction and industrial companies, purchased Ahern Rentals for $2 billion. Read More

Midwest Industrial Funds Begins Construction on 400K-Square-Foot Spec Property

Midwest Industrial Funds hosted a groundbreaking event in November to celebrate the beginning of their Class-A development. Read More

Chicago Joins List of “Multilevel” Warehouse Markets reports on how Chicago is added to the list of cities around the country looking to find room for a multi-story warehouse. Read More