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CRE Future Leaders: DarwinPW Realty/CORFAC International s Marc Hale – REJournals
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Realterm Logistics signs lease for industrial site near Midway Airport
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Spec facility for East Chicago signals growing demand and investment in NW Indiana
Image via The Missner Group
As the demand for industrial space continues to outpace supply, the rise in speculative developments also continues at a steady pace. And while Chicago and its immediate surroundings can be highly competitive and pricey, Northwest Indiana remains attractive to developers for its lower cost via taxes and close proximity to the Chicago’s core population center and downtown business district.
Developer Missner Group has at least a couple of spec projects underway, and more details have emerged for one being planned for East Chicago, Indiana. According to a report from the Times of Northwest Indiana, the $20 million deal would see the construction of a 250,000-square-foot facility at 4400 Homerlee.
Flexibility, proximity to density remain crucial for Chicago area cold storage development
The Frozen Assets facility near Midway Airport in Chicago. Photo courtesy of CBRE.
As bars and restaurants struggled to adapt in order to stay afloat during the peak months of the pandemic, namely by changing business models either to a dry good shop or focusing entirely on delivery and carry-out, grocery stores throughout Chicago were experiencing high volumes of sales and demand as customers ditched going out and chose to cook from home.
Then from a retail and consumer goods perspective, e-commerce and home delivery became essential for millions of Americans. And when you combine grocery and e-commerce, you now have apps and services where shoppers are paid to fetch and deliver groceries to folks who are working from home. Naturally, the pandemic also kicked this trend into high gear as we were asked to stay at home for months on end.