E-commerce inspiring industrial leaders to take over space in urban areas

heine-column-logisticenter-avison-youngBy Todd Heine
Principal, Avison Young

E-commerce continues to fuel many aspects of Chicago’s industrial market, which is seeing considerable activity heading into the second quarter of 2017. While e-commerce is often viewed from the perspective of Amazon.com and its proliferation of warehouse and distribution space, there is much more to the e-commerce picture.

Chicago is one of the top industrial markets in the country because, in part, of its central location and access to local, regional and national distribution routes, intermodals and airports. This has helped thousands of companies, from home products manufacturers and food distributors to auto parts suppliers, tap into new and growing markets. Many of those companies participate in e-commerce on some level—even if it’s not close to the magnitude of Amazon.com—and are contributing to the strong pace of industrial activity in the market.

Todd Heine

Todd Heine

These industrial businesses have varying needs for space, which is fueling activity across all submarkets. The I-55 and I-80 corridors continue to see large warehouse users looking for lower rental rates and access to strong transportation connections. In those markets, more and more users are looking for large blocks of space to help them compete with Amazon.com and other larger warehouse and distribution companies.

Others are looking at infill locations where they can be positioned to serve Chicago’s urban marketplace. There are few blocks of space larger than 200,000 square feet in many submarkets around the city, which is prompting the redevelopment and repurposing of older industrial sites.

Those redeveloped sites — in Hodgkins and other city markets — are being leased to many service-oriented companies that supply creative companies, restaurants, and hotels with everything from billboards and tradeshow booths to restaurant linens. In these locations, higher rental rates are offset by savings in transportation costs associated with delivering from a close-in location versus driving to and from Bolingbrook or other outlying areas.

Some e-commerce users are also shifting toward urban infill locations because of a need to access the large consumer populations. Companies looking to deliver goods in the next-day or same-day business models are focusing on smaller sites in the O’Hare market or in Goose Island.

There also are emerging infill markets such as the Pullman District on Chicago’s Southside, which is drawing food services companies, last mile distribution companies and data centers.

Another common thread throughout most newer industrial buildings is the increasing use of technology. From industrial robots to automated shelving and racking, and inventory tracking systems, companies are turning to technology to improve their manufacturing and production. This shift toward high-tech operations is also creating a need for more skilled labor to monitor and operate the technology. Baking and food processing, along with cold storage businesses, for example, are very labor intensive. While some jobs have been lost to automation over the past decade, many businesses have seen the need for an alternative workforce with specific engineering or computer-related skills to run the machines.

This focus on technology is also causing some industrial businesses to reevaluate their location based on labor pool needs. The concept of moving farther out from the city to achieve lower rents is not as viable for all businesses today. Companies that run heavily on technology and automation are finding that moving closer to the urban core allows them to tap into highly skilled employees with technology expertise.

Chicago’s industrial activity has been strong for several years and there appears to be no significant slowdown in sight.  The combination of traditional corporate distribution space and the rapidly expanding e-commerce and third party logistics segments should keep the industry moving for years to come.

Todd Heine is principal with the Rosemont, Illinois, office of Avison Young.

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Marcus & Millichap: Cleveland’s multifamily market poised for busy 2017

cleveland-apartment2by Dan Rafter

The news is simple: People want to live in downtown Cleveland and in the urban neighborhoods surrounding the city’s center. And that means that demand for multifamily properties in the city remains high.

That’s the takeaway from the 2017 Cleveland multifamily overview released this week by Marcus & Millichap.

According to Marcus & Millichap, the new apartment buildings rising to meet this demand will mostly be located in the center of Cleveland. This isn’t a surprise; a growing number of renters want to live neaer transportation, workplaces, retail centers and entertainment options, and these options are plentiful in the heart of the city.

Developers in Cleveland are not only building new apartment towers, they are also converting outdated office product into multifamily. These efforts should give renters looking for modern apartments in Cleveland a greater number of options.

Marcus & Millichap estimates that developers will add 1,600 new apartment units in Cleveland this year, a boost from the about 700 that came online last year.

The vacancy rate in the multifamily sector in Cleveland should hit 3.9 percent, according to Marcus & Millichap. That’s low, but it’s actually up 60 basis points from 2016. Marcus & Millichap credits the rise to the larger number of apartment units that are hitting the market.

The low vacancy rate means that apartment rents in Cleveland will go up in 2017. Marcus & Millichap predicted that the average effective apartment rent in the market will rise 3.8 percent to an average of $913 a month in 2017. That’s a bit of a slowdown from the 5 percent jump in effective rents that the market saw in 2016.

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Avison Young: Chicago industrial market full of renewed vigor

ay-industiral-chicagoby Dan Rafter

Renewed vigor. Those are the words that Avision Young used to describe the Chicago industrial market at the end of the fourth quarter of 2016. And that’s a description sure to please the CRE professionals who work this market.

According to Avison Young’s latest industrial market report, both leasing activity and net absorption continued to see positive momentum in the fourth quarter of 2016. In fact, the Chicago industrial market ended the year with significant year-end gains when compared to the end of 2015, according to Avison Young.

Avison Young also pointed to a steady stream of construction of both speculative and build-to-suit projects in the Chicago area, with several large facilities having broken ground during the fourth quarter.

The Chicago industrial market vacancy rate fell to 6.2 percent by the end of the year, according to Avison Young. That’s down 60 basis points from the end of 2015. Submarkets with the largest year-over-year dips in vacancy rates were the South Chicago, South Cook and Lake County markets.

The O’Hare submarket remains strong, too. Avison Young said that the vacancy rate in this submarket dropped 40 basis points from the end of 2015 to the end of 2016, and ended the year at 5.4 percent. In the Interstate-57 corridor, the year-end vacancy rate fell to a record low of 3.8 percent.

With demand for Chicago industrial space so high, it’s little surprise that net absorption in this market was high, too. Avison Young reported that the Chicago industrial market absorbed 19.4 million square feet of space during 2016. The Lake County submarket was especially busy, seeing net asborption of 1.5 million square feet during the year, up a whopping 195 percent from the end of 2015.

When it comes to leasing, e-commerce giant Amazon, not surprsingly, was especially active. Amazon signed three of the top-five biggest industrial leases in the market during the fourth quarter, the largest being a 954,720-square-foot build-to-suit at 1 Duke Parkway in Joliet. That project is being developed by Duke Realty, and is expected to bring 1,000 new jobs to the area.

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Amazon, e-commerce and the growth of regional distribution hubs

Matt Mulvihill

Matt Mulvihill

Guest post by Matt Mulvihill, CBRE

E-commerce has been one of the main drivers of industrial activity in the Chicago market in recent years. Led by several large users, the e-commerce industry has been responsible for absorbing large quantities of space, driving rental rates and spurring significant levels of new construction.

However, while this activity will remain strong in 2017, it will likely slow in subsequent years, as these large users may not be expanding at the rate they have been beyond the calendar year. Still, there will be plenty of targeted opportunities for e-commerce firms to acquire, build or lease smaller, “last-mile” locations at infill and urban locations to meet growing consumer demand.

The roots of e-commerce growth can be found directly in new retail patterns, especially those of the millennial generation. According to CBRE’s recent global survey, Millennials: Myth and Realities, when millennials do shop on-line, they like to have orders shipped directly to their home – one-third of those surveyed always have it delivered, while two-thirds use home delivery “always or very often.”

Increasingly, on-line retailers and e-commerce firms are using faster delivery times as a method of competition. In many cases, consumers expect next-day or even same-day delivery.  This has made distributors and real estate providers rethink the traditional supply chain to now include not just a regional distribution hub, but smaller, urban locations in consumer hot spots.

Chicago has been a beneficiary of activity at both types of distribution locations.

For the regional locations, large leases have been steady and e-commerce was the most active user industry in 2016. Specifically, in the fourth quarter alone, e-commerce accounted for 34 percent of all activity, or roughly 2 million square feet of leasing.

The majority of this activity was in three large transactions – a 950,000-square-foot lease in Aurora, a 626,848-sqaure-foot lease in Waukegan and a 402,860-square-foot lease in Aurora.

All of this large-scale activity has highlighted something else in the Chicago market – a dearth of spaces available of 1 million square feet or larger. Users looking for space this size today would find nothing available, though there are several projects in progress that could potentially meet this demand later this year.

Construction starts to rev up

Developers have taken note of this lack of product for large users and, as a result, construction starts were at an all-time high in the Chicago area in 2016.

Currently, CBRE is tracking 20.8 million square feet of construction starts, the highest level recorded since the firm began tracking in 1996. Of those starts, speculative projects dominate activity and account for 14.4 million square feet, or 69 percent. The remaining 31 percent are build-to-suit (BTS) projects and totaled 6.4 million square feet.  In the fourth quarter alone, 13 projects broke ground for a total of 6 million square feet.

Currently, 54 tenants are actively looking for 100,000 square feet or more, for a cumulative of 15.4 million square feet. In the Class-A inventory, there is currently 16 million square feet of space that meets these requirements. The delivery of another 61 projects totaling 16.8 million square feet will help, but only 57 percent of this space is available, with the rest being pre-leased.

As noted before though, once property becomes available, it may not be absorbed as quickly, as many of the large e-commerce users have their regional distribution pipelines in place. However, smaller in-fill locations or last-mile warehouses in urban locations could see strong activity in the coming years.

Last-mile

According to CBRE’s recent study, Last Mile/City Logistics, the supply chain is often now viewed as a funnel, with the wide end representing larger, regional distribution centers as referenced above, and the narrow portion representing smaller, urban and infill locations. These infill buildings are often smaller in size with lower clear heights and greater car parking capabilities.

These facilities are not used for storing large amounts of product, but they do allow e-commerce users to stock a certain number of items that they guarantee for same-day delivery as they are often located in or near densely populated areas.

Locations in Chicago such as the O’Hare and I-55 markets, and small distribution centers in the city itself, are highly coveted right now, and activity in these regions should not slow down. To gain the competitive advantage of proximity to consumers, e-commerce providers will continue to seek out these “last mile” locations where available, and even begin targeted construction when possible.

As on-line shopping continues to grow, this component of the delivery system will likely only expand in the coming years.

Matt Mulvihill is executive vice president in the Schaumburg, Illinois, office of CBRE. He focuses on the industrial real estate needs of his clients.

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Mixed-Use Mash-Up: Six elements of tomorrow’s live-work-play communities

mixed-use-column1Guest post by Jeff Berta
Senior Director of Real Estate Development with Structured Development

With e-commerce accounting for a greater share of retail sales, real estate developers are finding creative ways to stay relevant in the eyes of consumers who, increasingly, favor clicks over bricks. In order to provide experiences that can’t easily be replicated online, today’s developers are incorporating retail – including restaurant and entertainment offerings – into larger mixed-use centers designed to serve as a neighborhood.

And rather than viewing each storefront as an individual vacancy that needs to be filled, developers are thinking more holistically as they look to create synergies not only among retail tenants, but also among the various components – residential, office and healthcare, to name a few – that a single mixed-use development might house.

Such was the case with NEWCITY, an award-winning mixed-use development in Chicago’s Lincoln Park neighborhood that our firm, Structured Development, completed in 2015. Previously home to the NewCity YMCA, the 8.5-acre parcel bounded by Halsted and Schiller streets and Clybourn Avenue was underutilized in its original state, due in part to the design challenges associated with its triangular shape. Yet where others saw insurmountable hurdles we recognized an opportunity to create a vibrant residential, retail and office complex that complemented existing offerings in the rapidly evolving Clybourn Corridor while expanding the local tax base.

While no two developments are alike, the basic principles that allowed us to establish NEWCITY as one of Chicago’s premier destination centers reflect the strategies other developers are employing in their own mixed-use projects. As the name implies, the key to creating a successful mixed-use development is pinpointing the right mix of uses for a particular location, striking a balance between “daily needs” traffic drivers and experiential retail, restaurant and entertainment offerings.

Apparel and Accessories: The Personal Experience

According to a recent study from Salesfloor, a leading retail technology provider, 58 percent of retail consumers surveyed say online shopping lacks the level of service offered in stores, while 87 percent of shoppers are more likely to buy an item recommended from a sales associate.  As developers analyze neighborhoods and specific sites, it’s important to consider what’s already available to area residents and visitors and plan for a mix of retail options that will compete with the growing number of online options while enhancing the surrounding retail landscape.

There is undoubtedly a market for items that can be purchased online without having to see, hear, touch or feel them in person first, but shopping has always been a serendipitous activity through which consumers browse – and often purchase – goods they didn’t set out to buy and may not have even known existed. Especially at higher price points, personal items that require a ‘test drive’ are also excellent retail drivers in mixed-use settings. Consumers want to swing a bat, try on a glove or get a feel for that driver before making the purchase. Similarly, shoes and handbags fall under a list of highly personal items – in both form and function – that many consumers still want to examine first-hand before purchasing.

Off-Price Retail: A Complementary Use

Once clustered in discount centers, often in far-flung suburban locations, off-price retailers are a valuable addition to urban mixed-use developments like NEWCITY, home to Saks Fifth Avenue OFF 5TH. Consumers who grew cost-conscious during the recession have not lost their penchant for affordably priced goods and services, and these discount options, including brands like T.J. Maxx and Nordstrom Rack, complement full-price retail offerings in the development and surrounding neighborhood.

While each off-price brand has its own clientele, the basic formula is the same: personalized, in-store service paired with steeply discounted merchandise that varies from store to store and may not be available – or can only be researched – online. With off-price apparel revenue projected to grow between 6 and 8 percent over the next five years, versus 4 percent for the apparel segment overall, these brands have experienced growth in a retail environment that has proven especially challenging for traditional department stores, some of which have entered the off-price category to offset sluggish sales at their full-price locations. 

Daily Needs: Errands Draw Visitors

Another vital component of successful mixed-use developments is daily needs – or necessities-based – traffic drivers. Capital One, the online bank and credit card issuer, recently entered brick-and-mortar with its Capital One Café concept, which combines banking with grab-and-go food and beverage items in a setting that looks more like a coffee shop than a financial institution. Grocery stores have also adjusted their strategy, featuring live music, full-service bars and “grocerants.” According to a recent NPD Group report, in-store dining and take-out of prepared foods from grocers has grown nearly 30 percent since 2008.

While it may not be as visible or flashy as retail, office space can also increase foot traffic in a mixed-use development. In addition to housing employees who may frequent adjacent shops and restaurants over lunch or after work, offices – including those used by physicians, dentists, optometrists and other specialists – can draw visitors to a center they might not otherwise patronize. Someone who comes for a check-up may find themselves in the checkout line before their visit is complete. Similarly, other service-oriented businesses like dry cleaners, hair and nail salons, and fitness studios can help increase the frequency of visits, supporting other businesses in the center.

Entertainment: Creating a Destination

Restaurants and entertainment offerings can turn an ordinary mixed-use center into a destination – one that attracts visitors on evenings and weekends. At NEWCITY, we saw an opportunity to create a neighborhood anchor by including a variety of bars and restaurants, as well as a 14-screen ArcLight Cinemas movie theater and 16-lane Kings Bowl bowling alley – two entertainment options not previously available in the surrounding neighborhood.

Like banks and grocery stores, these entertainment uses have evolved to become even more experiential. At ArcLight, customers can sip signature cocktails from the bar or grab a bite to eat at the theater’s café – a step up from the standard concession stand. Kings Bowl takes a similar upscale approach, with retro-inspired décor accented by pops of color, a full-service restaurant and 222-foot bar with curated beers that rotate seasonally. Top-of-the-line sound, lighting and music systems, along with table games and more than 50 TVs, round out the experience, creating a lively, social atmosphere unmatched by online or virtual gaming.

Residential: A Built-in Customer Base

One of the earliest and most basic examples of mixed-use development was the shop owner who lived above their place of business. While these projects have grown in size and complexity, the residential component remains as viable today as it was then, contributing to the overall success of the center.

Along with creating an additional source of revenue, residential units provide a built-in customer base for adjacent businesses, which are frequented not only by full-time residents, but also their visiting friends and family members. It’s a mutually beneficial relationship, as residents are able to enjoy a walkable lifestyle, with shops, restaurants and nightlife steps from their front door. The incorporation of a residential component like the 19-story, 199-unit Residences at NEWCITY also helps foster a sense of community within the development, further adding to its appeal.

Going forward, as consumer shopping and spending habits continue to evolve, the most successful mixed-use centers will be the ones that provide services and experiences that technology can’t touch. Consumers can purchase meals and groceries online, but they can’t sample them first, just as they can’t try on clothing, shoes and accessories without making a trip to the store, where an associate is available to answer any questions they may have. That tangibility, along with immersive dining, nightlife and entertainment offerings, is sure to stand the test of time, shaping the design of tomorrow’s live-work-play communities.

Structured Development is a real estate development company based in Chicago. Jeff Berta is senior director of real estate development with the company.

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Southeast Wisconsin industrial market not just attracting tenants from Illinois

The first building at Southeast Wisconsin's Enterprise Business Park.

The first building at Southeast Wisconsin’s Enterprise Business Park.

by Dan Rafter

The story is an old one: Illinois end users are fleeing the state and crossing the border into Southeast Wisconsin to find more affordable warehouse and distribution center space. But a pair of brokers – one from Chicago and one from Milwaukee – dispute this narrative.

John Sharpe, principal with the Chicago office of Lee & Associates, and Terry McMahon, principal with the Milwaukee office of The Boerke Company, both say that the Southeast Wisconsin industrial market is still a strong lure for Illinois industrial users. But the region is also attracting a growing number of companies from its own state, too, end users that are targeting communities such as Racine and Kenosha, Wisconsin, for their expansion plans.

The two brokers are also working together to market the Enterprise Business Park in Sturtevant, Wisconsin. This park, owned by real investment company Ashley Capital, is already home to a 376,000-square-foot Class-A industrial building that was built in 2015. Three more industrial facilities are now planned for the business park.

Chicago Industrial Properties recently spoke with Sharpe and McMahon about the strength of this industrial market and the diversified base of tenants locating in this region.

Chicago Industrial Properties: We hear a lot about how industrial users in Illinois are increasingly crossing the border to Southeast Wisconsin. Is that still a strong trend?
Terry McMahon: I’ve seen a change in the Southeast Wisconsin market. In the past, everyone said that it was companies coming over the border from Illinois that made that market so strong. But the growth we are seeing in our properties in Southeast Wisconsin today is more local. We are seeing companies that are expanding from Milwaukee. We are seeing end users expanding from the local markets of Racine and Kenosha. We are even seeing some national tenants targeting Southeast Wisconsin. There has been no border hopping in our properties for the last 12 months. That is what we are seeing.

It is a bit starting to people to hear that. But there has been no border hopping in the 12 months. Instead, it’s been exciting local growth. As users look for industrial space, they are looking at that Kenosha-Racine corridor. They like its proximity to northern markets. It is a great place for a distribution type of operation.

CIP: Why did your two brokerages team up to work on the Enterprise Business Park in this region?
John Sharpe: You have a Chicago-based firm and a Milwaukee-based firm on this project. It is unique. We both work two different markets. But this area is where the two markets are coming together. It just made sense to work on this particular project for Ashley Capital together.
McMahon: Lee & Associates could have handled this themselves. We could have done it ourselves. We both interviewed for the assignment. The client came back and said, ‘We like both of you. Would you be willing to team up?’ We agreed, and it’s worked well. It is kind of a fortuitous situation.
CIP: What are some of the benefits of working together?
Sharpe: We represent two different markets, two different ways of looking at the project. We have two different broker bases. As these markets – the Chicago area and Southeast Wisconsin — have merged together, the two bases of brokers haven’t really talked together very much. That really doesn’t make sense. We should all be talking together. As the Chicago and Milwaukee brokers get to know each other, that will mean more deal flow in these markets.

In April we were at a trade show put on by the Racine County Economic Development Corporation. They brought in everyone with a project up and down that I-94 corridor. The event brought the brokers together from Milwaukee and Chicago to meet. It was an opportunity to come together and share news about the projects we are working on. That was the first time that both markets have gotten together to share and build relationships and, hopefully, do more transactions together.

CIP: That seems like a positive change.
McMahon: For a long time, neither side thought of Southeast Wisconsin and Northern Illinois as the same kind of market. There was always a little bit of a demarcation point. Now we are seeing that flow of business between the two areas. I’m sure that in other parts of the country, where states are close – say, in New York and New Jersey, for instance – the flow back and forth has been much easier, has been around for a long time. Now we are seeing it between Illinois and Wisconsin.
Sharpe: As we share information, we are better able to facilitate deals for our clients. There is a better understanding of the markets. There is better communication between the communities.

CIP: Why has the Southeast Wisconsin market become such a strong one for industrial users today?
McMahon: There are a lot of components that come into that. From someone coming into the market from Illinois or from a national market, when you compare logistical costs — transportation, fees, power costs, things like that — Wisconsin is a little more competitive than the Illinois market. The proximity to interstate access is one of the keys driving the growth here. If you look at markets in general, the industrial markets that have all been booming have been within eyesight of interstate systems. People didn’t pay as much attention to gasoline or diesel costs in the past. They do now. They count how many trips they take to the freeway every day.
Sharpe: Amazon and Uline are located right on the interstate exchange. The corridor between Milwaukee and Chicago is a natural market for industrial users. Companies can serve the enormous market of Chicago, but you also have Southeast Wisconsin, Milwaukee and Madison. It is a huge market if you add it up.

CIP: Speaking of Amazon and Uline, how important are these major businesses to this region’s industrial market?
Sharpe: Definitely. If you look at companies like Amazon and Uline that have set up in this area, they are bringing new jobs to the region. Those facilities have to be serviced. That brings more business to the area. You have mechanical contractors, transportation servicers. It breeds more activity. Those two are huge distribution centers. Success breeds success, and it will continue.

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Opus’ Kurucz: Overbuilding not an issue in Chicago industrial market

paragon-business-parkby Dan Rafter

Opus Group is making a big investment in Chicago’s Interstate-55 corridor, building a 111,345-square-foot speculative industrial building in the Paragon Business Park in suburban Romeoville.

This will be the second and final phase of Opus’ work at the business park. The company earlier built and sold two additional speculative industrial developments there in 2016.

Matt Kurucz, senior manager of real estate development with Opus Development Co., said that this is an ideal time to build industrial facilities in and around the Chicago area. The local industrial market is a busy one, too, with plenty of sales and leases.

There is demand, too, for modern industrial facilities located along the I-55 corridor. Because this demand is showing no sign of slowing, Kurucz says Opus is confident that plenty of potential industrial tenants will lease space in the new facility once it is completed.

“This is a good time to be building,” Kurucz said. “This time around is different from the last peak of the market, back in 2007 and 2008, prior to the Great Recession. There are market restraints in place now in terms of spec building. There is not the fear of seeing the market become overbuilt in the same way we saw in 2008.”

The new building will feature 30-foot clear height and will be able to accommodate a single user or up to three tenants. The building will have 12 loading docks – a number that can be expanded to 28 – 16 trailer parking positions, up to 88 car parking spaces and an Early Suppression Fast Response sprinkler system.

Opus expects construction on 101 Paragon to begin this spring, with the work wrapping in late August of this year. Opus Development Company will be the developer, while Opus Design Build will be the design-builder. Opus AE Group will be the architect and structural engineer.

Jason West and Sean Henrick of Cushman & Wakefield will market the property for lease.

Kurucz told Chicago Industrial Properties that he expects plenty of demand for Opus’ new spec building. This year, he said, is showing all the signs of another busy industrial market in Chicago and its suburbs.

“There is some political risk out there with a new administration, of course,” Kurucz said. “But the general feeling right now is that it doesn’t look like the uncertainty is going to have as much of an impact as was originally thought. Of course, we could be wrong. It’s hard to know what to think every morning when you read the news. But right now, it looks to me like the status quo will continue, and that’s good news for the industrial market.”

Opus has already had success at this particular business park. The company bought 22 acres of land at the Paragon Business Park in the late summer of 2014 with the goal of developing the parcel as a two-phase development.

In the first phase, Opus developed a pair of industrial buildings. In 2016, the company sold both of them, one to an investor and the second to an end user.

“It was a natural progression to go ahead with building the third,” Kurucz said. “I believe there will be significant demand for this building. We are one of the few developers and owners in the I-55 corridor who can sell buildings. The I-55 market is dominated by REITs and institutional owners who want to hold onto their buildings long-term. By being able to sell our buildings, we are filling a niche.”

Kurucz said that the Romeoville business park is a good location for industrial users. The park boasts strong highway infrastructure, of course, and easy access to the entire population of the metropolitan Chicago area.

That’s an important benefit for any possible tenants of the new industrial building, Kurucz said. Tenants that locate in Chicago’s I-55 corridor tend to serve the Chicago market. They aren’t usually interested in distributing to a multi-state area, Kurucz said.

That’s why the biggest industrial buildings in the Chicago area tend to cluster in the Interstate-88 corridor. Those are the multi-state end users, Kurucz said.

“The I-55 users are generally focused on the Illinois market,” Kurucz said. “And this location is a great one for those users. It is so easy for them to reach the population of Chicago. That is why this location will always be a draw for those users.”

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