Despite transportation related user demand seeing a national decrease in the first and second second quarters of 2024, ICG IOS clients remain active with demand not only for existing buildings, but also vacant land sites from both end-users and developers.
IOS has seen a recent uptick in activity across the US with recent leases executed by ICG clients in the Chicago suburban markets of Elk Grove Village west along the I-90 corridor to Huntley, Illinois, ICG remains bullish on other IOS type deals close to being inked in other areas such as Austin, Texas on behalf of a global customer, Montgomery and Joliet, Illinois, as well as various others on each coast of the US.
According to Michael Hawryluk, Managing Principal with ICG’s Chicago office, “IOS rents, sale prices, together with land sale pricing remains at healthy numbers. While velocity has been down to date, owners and sellers still hold the key for this zoning type that is becoming more and more limited by towns throughout the US.”