Nov
03

Cook County Vacancy Rates at Four Year Low

November 03, 2012

cook county vacany ratesRecently, there’s been a positive buzz surrounding the outlook of commercial Cook County real estate. Property prices are almost at pre-recession levels, and investors are showing more interest in the Chicago area.

Now more good news shows that Chicago area industrial buildings are at their lowest vacancy rate in four years. The high occupancy rate reflects a stronger consumer economy, which in turn correlates to a stronger housing economy. Consumer spending is what drives nearly 70 percent of all economic growth, and when people tend to spend money more freely, this can increase home prices.

Normally, the industrial real estate market is about six to month months behind the growth rate of the national economy, but for the most part, economists feel that the industrial real estate market will continue to improve in early 2013.

Current vacancy rates are at 10 percent, which may seem high, but this is the lowest rate since 2008.

As larger corporations begin to feel more confident about the economy, they will turn their attention towards large real estate purchases.

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