Chicago Warehouses for Sale
Chicago warehouses for sale has gotten a lot of attention over the past few years thanks to the city’s strategic positioning in the logistics space. With a central location, strong labor pool, and easy access to airports, highways, and rail lines, Chicago is an ideal fit for warehouse distribution centers.
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Best of all, the booming e-commerce industry has driven up demand for last-mile distribution centers. As a result, the commercial real estate community in the Windy City has been busy building, buying and selling these larger than life warehouses and distribution facilities.
Big-Box Warehouses Keep Rolling in the Windy City
A recent report from Colliers International highlighted the emergence of a new type of industrial property. Known as “build-to-suit” (BST) warehouses, these structures have been the fastest growing segment of the market and offer significant value. In the third quarter of 2022, 68 percent of speculative big-box spaces were BSTs.
One of the most interesting facets of this development is the fact that some properties are being converted into residential units. In one example, a cluster of six terra cotta warehouses in Chicago’s South Water Market became the site of a condo project called University Commons, which now boasts 917 units.
While the industrial real estate market in Chicago has slowed down, there are still plenty of hot properties out there. A 252,000-square-foot building on the west side of the city topped the charts when it sold for $36 million in July. The building also happened to be the most expensive in its submarket, but that wasn’t the only thing that made it a winner for its owners.
