Metropolitan Chicago. Industrial Market Report Second Quarter 2007
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1 Metropolitan Chicago Industrial Market Report Second Quarter 2007
2 Industrial Statistics 2nd Quarter AVAILABLE AVAILABILITY 2Q07 INDUSTRIAL SUBMARKET INVENTORY SF RATE ABSORPTION INCREASE O Hare 113,284,378 11,337, % -164,224 80,360 I-55 64,955,788 8,166, % 1,483,385 37,886 Central DuPage 53,445,147 7,051, % -533, ,220 I-88 93,720,405 8,759, % 1,538,067 84,450 Lake County 65,996,223 5,511, % 764, ,668 I-80 East 72,214,927 9,183, % 1,093, ,249 I-80 West 35,497,730 5,393, % 434,690 1,000,599 North Cook 43,031,040 3,909, % 707,535 0 Northwest Cook 22,453,373 2,921, % 478,139 0 I-290 North 65,069,474 5,645, % 111,048 0 I-290 South 32,617,387 2,481, % 117,340 0 North Chicago 74,385,879 7,676, % 236,522 0 South Chicago 113,725,095 9,406, % 1,286,795 0 South Suburbs 49,104,399 7,147, % 481,070 0 I-90 Elgin 23,309,221 1,825, % 209,753 0 McHenry 19,572,806 2,541, % 268,638 0 DuPage County 18,225,048 1,309, % 356,797 0 Lake Suburbs 9,650, , % 210,585 28,212 SE Wisconsin 11,959, , % 1,703,634 0 Flex 60,271,439 7,284, % 1,357,443 0 Industrial Summary 1,042,490, ,486, % 12,142,040 2,552,644 Note: Inventory, Available SF and Increase are expressed in net rentable square feet. Historical Construction Starts and Deliveries Square Footage Per Quarter Starting and Completing Construction 7.0 Construction Starts Deliveries Millions of SF q q q q q q q q q q q q q q Source: CoStar
3 Industrial Lake County Statistics Market Size (sf)... 65,996,223 Overall Vacant Space (sf)... 5,511,065 Overall Vacancy % 2Q07 Absorption (sf) ,851 YTD Absorption (sf)... 1,323,961 Net Rental Rate... $ $5.75 Under Construction ,668 MARKET OVERVIEW While investors will pay top dollar for medium-to-long term lease commitments in place seemingly regardless of the credit in this current frenzy, user sales continue to dominate the market. Speculative spec or big box construction has also returned to Lake County in a big way, although most if not all of the product is for lease only. Projects include Aptakisic Road, Buffalo Grove 173,000 sf at clear; Centerpoint Gurnee Business Center 161,200 sf (almost 30% leased); Liberty Point, Libertyville at Peterson/Route ,000 sf with more planned and Oak Grove Business, Waukegan 83,000 sf, 112,000 sf & 122,000 sf spec. 2 In addition to Lake County, spec construction is about to explode in Kenosha County, WI., where the established Lakeview Corporate in Pleasant Prairie will face competition to the north and east of them by national developers Panattoni and First Industrial to name just two. Waukegan-based ULINE has almost single handedly absorbed 1,000,000 square feet in the past 2-3 years and continues their torrid pace. Hospira, the Abbott spin-off also has a presence there along with Deluxe Media, Rustoleum, and many 40, ,000 square foot manufacturers who sought to escape Illinois, let alone Cook County s, onerous tax structure. Major East-West Lake County Corridor Lease Lease Transactions Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Accredited Sonopress, Home USA Lending Lincoln 80th Center, Ave., Oakbrook Pleasant Prairie Terrace 534,384 25,000 Lease New Logicalis WMS Gaming Warrenville Lakeside, Gurnee Rd., Lisle 53,188 23,400 New Lease Fidelity Quzlanex Info Services CenterPoint 2400 Ogden Interstate Ave, Lisle Center, Gurnee 50,000 23,365 Lease New SAP J. Emil Anderson & Son 5860 Westbrook Chaddick, Corp. Wheeling Ctr., Westbrook 22,393 35,305 Renewal Lease Anderson Mike Architects 1 view Plaza, Oakbrook Terrace 18,233 New Major Lake County Sale Transactions Major East-West Corridor Sale Transactions Address Address Size Size (sf) (sf) Price Price (mil) (mil) Price Price psf psf Buyer Buyer Seller Seller Shuman, Sunset, Naperville Waukegan 208, ,000 $55.3 $9.7 $46.46 $156 Wells ProLogis Real Estate Prudential/GVA Sunset Partners Williams W N Fairway Diehl, Naperville Dr., Vernon Hills 136, ,623 $ $ Griffin Learning Capital Resources DB OPUS RREEF North Cabot, N Oak Grove, Lisle Waukegan 125,000 31, $2.3 $ Colony S2, LLC Capital Brandywine Imperial Crown Development Marketing 3901 Liberty, Aurora 60, Inland Real Estate Bradley Associates Pictured above: 860 Chaddick, Wheeling, where J. Emil Anderson & Son leased 35,305 sf. NAI Hiffman Second Quarter 2007 Market Report
4 Industrial O Hare Statistics Market Size (sf) ,284,378 Overall Vacant Space (sf)... 11,337,966 Overall Vacancy % 2Q07 Absorption (sf) ,224 YTD Absorption (sf)... -1,075,026 Net Rental Rate... $ $8.50 Under Construction... 80,360 3 MARKET OVERVIEW Industrial land values have surpassed $20.00 psf. Hovering at $23.00 to $25.00 psf for Cook County industrial land and $23.00 to $26.00 for DuPage County, these land values represent the new benchmark within the O Hare market. The range in prices depends on the shape of the site and the overall suitability for development as well as the lower tax implications for DuPage sites, thus commanding a higher price. While Cook County offers the Class 6B Tax Incentive Program (providing 12 years of tax abatement) this reduction is not guaranteed beyond this time frame. This has resulted in an increase in land values and is placing upward pressure on rental rates. It has also forced developers to raise asking rates between mid $8.00-$9.00 psf on a net basis for new buildings depending on the extent of build-out. The new developments with a higher land basis have yet to be tested by the market as most have not been completed. The next 12 to 18 months should prove to be critical with respect to the depth of the air cargo market and how it affects the future value of industrial land within the O Hare market. If absorption does not keep up with the historical trend, we will see a stabilization of industrial land values or even a dip. However, if absorption is strong, we will most likely see a new high water mark for land values. Major East-West O Hare Lease Corridor Transactions Lease Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Accredited Admiral Air Home Lending 2745 Lincoln N. Dillon, Center, Wood Oakbrook Dale Terrace 25,000 47,928 New Lease Logicalis BOSS Trading Company Warrenville Central, Wood Rd., Dale Lisle 23,400 43,958 New Lease Fidelity Standby Info Trucking Services Ogden N. Ave, Ellis, Lisle Bensenville 23,365 31,037 New Lease SAP 5 Westbrook Corp. Ctr., Westbrook 22,393 Renewal Anderson Mike Architects 1 view Plaza, Oakbrook Terrace 18,233 New Major East-West O Hare Sale Corridor Transactions Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller 263 Podolsky Shuman, Portfolio Naperville 1,930, ,000 $108.0 $55.3 $55.95 $156 Wells KTR Real Estate Prudential/GVA Podolsky Northstar Williams W Estes, Diehl, Elk Naperville Grove Village 163,623 83,228 $ $ Chgo. Griffin Capital Regional Council Sitex OPUS Realty NorthGroup 2200 Cabot, Lisle 125, of Colony Carpenters Capital Brandywine Development Liberty, Winthrop, Aurora Des Plaines 91,970 60,000 $ $ Comark Inland Real Estate American Bradley Associates Landmark Properties Pictured above: 1099 Estes Elk Grove Village, 83,228 sf Sale to Sitex Realty Group
5 Industrial Central DuPage Statistics Market Size (sf)... 53,445,147 Overall Vacant Space (sf)... 7,051,592 Overall Vacancy % 2Q07 Absorption (sf) ,839 YTD Absorption (sf)... -1,125,990 Net Rental Rate... $ $6.25 Under Construction ,220 MARKET OVERVIEW The Central DuPage Market has matured in recent years after several decades of strong growth and build-to-suit activity. Scarcity of developable land, coupled with an overall increase in property values has driven the price of land to $8-$13.00 per square foot. These prices are high compared to other suburban counties, but significantly lower than the O Hare market ($23-$25 per sf). Compared to O Hare, Central DuPage is still relatively inexpensive. Companies that migrate from Cook County have found that they can distribute their product to the entire Chicago land area from a central location with great access to the interstate highway system. Other benefits include newer buildings, a buoyant labor market and lower property tax rates. 4 Major Central DuPage Lease Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Expeditors 1600 Central Ave., Roselle 360,000 Lease ConAgra 125 Wall, Glendale Heights 100,000 Lease Lia Sophia 1620 Central Ave., Roselle 67,620 Lease Olympic Manufacturing Group, Inc. 280 Madsen Dr., Bloomingdale 55,533 Lease Major Central DuPage Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller 500 Wall St., Glendale Heights 219,471 $10.1 $46.00 ML Realty Partners CenterPoint Properties 133 N. Swift Rd., Addison 56,185 $2.8 $48.12 Associated Materials Jones & Brown Co., Inc. NAI Hiffman Second Quarter 2007 Market Report
6 Industrial I-88 Corridor Statistics Market Size (sf)... 93,720,405 Overall Vacant Space (sf)... 8,759,557 Overall Vacancy % 2Q07 Absorption (sf)... 1,538,067 YTD Absorption (sf) ,101 Net Rental Rate... $ $6.50 Under Construction... 84,450 5 MARKET OVERVIEW The I-88 Corridor continues to see steady demand in all size ranges. As a result, several developers have taken new land positions in the Corridor to meet that demand. For example, IDI has introduced Prairie Point West, a 72-acre industrial development located on the south side of I-88 on Molitor Road just west of Eola. Several speculative buildings in the 300, ,000 sf range are planned. Situated at the SE corner of Butterfi eld and Eola Roads, two 176,000 sf speculative build-to-suits are under construction by Bridge Development/Wrightwood Capital and are scheduled to be delivered 4th quarter North of I-88, developer Liberty Property Trust plans to build a 428,000 sf speculative building west of Mitchell Road within its Liberty Business Center Aurora. Also, Duke has acquired 258 acres located at the east end of the Butterfi eld Business in Aurora. Butterfi eld East will kick off with a 551,000 sf speculative building scheduled to break ground Fall The lack of available land in feeder markets, such as Central DuPage, will continue to cause demand to shift towards the I-88 Corridor, particularly for companies who value quick highway access. The most recent sizable transaction in the I-88 Corridor was a long term lease for 592,539 sf completed at Liberty Property Trust s building located at 800 Bilter Road. UTI Panasonic took over this entire building. Major East-West I-88 Corridor Corridor Lease Lease Transactions Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Accredited UTI Panasonic Home Lending 2800 Lincoln Bilter Center, Rd., Aurora Oakbrook Terrace 592,539 25,000 New Lease Logicalis Caterpillar Logistic Services Warrenville Baseline Rd., Lisle Rd., Montgomery 580,625 23,400 New Lease Fidelity Tele-Fonika Info Services Cable Ogden Pierson Ave, Dr., Batavia Lisle 109,722 23,365 New Lease SAP Ball Corporation Westbrook N. Raddant Corp. Ctr., Rd., Westbrook Batavia 99,200 22,393 Lease Renewal Anderson Ruud Lighting, Mike Inc. Architects view W. Grandview Plaza, Oakbrook Pky., Yorkville Terrace 18,233 79,016 New Lease Major East-West I-88 Corridor Corridor Sale Transactions Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller Shuman, Frontenac Naperville Rd., Naperville 354, ,630 $55.3 $9.2 $54.00 $156 Wells High Street Real Estate Equity Advisors Prudential/GVA Jackson Allied Moving WilliamsServices W Corporate Diehl, Naperville Ln., Naperville 188, ,623 $ $ Griffin Prairie Capital Point Complex, LLC OPUS Morgan North Stanley th Cabot, St., Lisle St. Charles 125, , $6.1 $ Colony ML Realty Capital Partners CenterPoint Brandywine Development Properties 3901 Liberty, Aurora 60, Inland Real Estate Bradley Associates Pictured above: 800 Bilter Road, Aurora, where UTI Panasonic leased 592,539 sf.
7 Industrial I-55 Corridor Statistics Market Size (sf)... 64,955,788 Overall Vacant Space (sf)... 8,166,481 Overall Vacancy % 2Q07 Absorption (sf)... 1,483,385 YTD Absorption (sf)... 2,587,586 Net Rental Rate... $ $7.50 Under Construction... 37,886 MARKET OVERVIEW The I-55 Corridor remains the most active and sought after market for industrial development throughout the Chicagoland area, with a vacancy rate of approximately 13%, down from 16% a year ago. An uptick in year-to-date absorption resulted in approximately 1.48 million sf absorbed within the market. Developers continue to complete speculative projects along I-55. Last year approximately 4 million sf of new projects were brought online. More are planned or under construction with delivery scheduled for mid Leasing activity within the Corridor was steady in the second quarter with notable deals such as Peacock Engineering 443,010 sf, Home Depot 469,920 sf, DSC Logistics 499,200 sf and APL Logistics 157,470 sf, to name a few. Effective rental rates on 300,000 sf properties and greater range between $2.75 NNN to $2.95 NNN. Rates are expected to remain fl at throughout the year with continued optimism that rental growth will start to occur as the abundance of supply within the submarket continues to be absorbed. Free rent is also prevalent. The market hit an all-time high investment sale watermark with the sale of the 750,000 sf Home Depot building by TA Associates to TIAA-CREF for $60 psf. Despite the fl at rent growth, the barriers to entry within the market remain very challenging with virtually every piece of developable ground being developer controlled. It is predicted I-55 will remain the most active market in 2007 and absorption will continue to improve. 6 Major East-West I-55 Corridor Corridor Lease Lease Transactions Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Accredited Peacock Engineering Home Lending Lincoln Remington, Center, Oakbrook Bolingbrook Terrace 443,010 25,000 Lease New Logicalis Home Depot S. Warrenville Pinnacle, Rd., Bolingbrook Lisle 444,096 23,400 Lease New Fidelity DSC Logistics Info Services Ogden Schmidt Ave, Rd., Lisle Romeoville 499,200 23,365 New Lease SAP APL Logistics 25 Gateway Westbrook Ct., Corp. Bolingbrook Ctr., Westbrook 157,470 22,393 Lease Renewal Anderson Scrip Products Mike Corporation Architects 1360 view Veterans Plaza, Pky., Oakbrook Bolingbrook Terrace 135,077 18,233 New Lease Major East-West I-55 Corridor Corridor Sale Transactions Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller Shuman, Carlow Dr., Naperville Bolingbrook 750, ,000 $45.0 $55.3 $156 $60 Wells Teacher s Real Insurance Estate & Annuity Prudential/GVA TA Associates Williams W McDonough Diehl, Naperville Rd., Joliet 476, ,623 $ $ Columbia Griffin Capital Industrial Properties OPUS First Industrial North Cabot, Internationale Lisle Pky., Woodridge 125, ,541 $ $ Colony JP Morgan Capital Brandywine Invesco Realty Development Advisors 3901 Liberty, Aurora 60, Inland Real Estate Bradley Associates Pictured above: 1100 Remington, Pky., Bolingbrook, where Peacock Engineering leased 443,010 sf. NAI Hiffman Second Quarter 2007 Market Report
8 Industrial I-80 East & West Statistics I-80 East I-80 West Market Size (sf)... 72,214, ,497,730 Overall Vacant Space (sf)... 9,183, ,393,449 Overall Vacancy % % 2Q07 Absorption (sf)... 1,093, ,690 YTD Absorption (sf)... 1,502, ,136,564 Net Rental Rate... $ $ $ $4.50 Under Construction , ,000,599 7 I-80 EAST During second quarter the availability rate decreased from 13.28% to 12.72% on positive absorption of 1,093,811 sf. Leasing totaled 289,773 sf which represented mostly smaller product. In the area speculative construction continues. Two buildings by developer First Industrial, totaling 1,216,426 sf began construction this summer. Developer TCB also has a 575,024 sf spec building underway in University scheduled to deliver 4th quarter. Low interest rates, the abundance of available land, and the close proximity to major transportation arteries in the area continue to attract big box distribution users. Rents are currently $ $3.00 net for units over 250,000 sf and $3.00 net and up for units under 250,000 sf. I-80 WEST With abundant land available for development, exceptional transportation links, and low taxes, the I-80 West is a market undergoing tremendous growth. During the second quarter, availability decreased to 15.19% from 15.39% at first quarter. In the corridor, close to three million square feet is under construction with delivery expected by year end. Positive absorption continues this quarter with rents averaging $ $3.00 net for units over 250,000 sf and $3.00 net and up for units under 250,000 sf. Major I-80 East/I-80 West New Developments Address Size (sf) Developer Status RidgePort Logistics Center, Wilminton, IL 20,000,000 Ridge Property Trust Planned ProLogis Arsenal Phase I, Joliet, IL 1,500,000 ProLogis Planned Harlem Ave., and I-80 1,000,000 First Industrial Planned CenterPoint Intermodal Center, Elwood, IL 1,182,500 CenterPoint Properties Under Construction AMB Minooka Distribution Center, Minooka, IL 1,000,595 AMB Corporation Under Construction Laraway Crossings, Joliet, IL 650,000 Ryan Companies Proposed Crossings, University, IL 575,024 TCB Under Construction
9 Investment 2nd Quarter 2007 INDUSTRIAL Sales of suburban industrial buildings, 100,000 psf and greater, totaled $618.0 million, with an average cap rate of 6.8%, a reduction from the 7.5% reported last year. Net buyers included REIT and Private National investors. Private Local and Institution were net sellers. Active investors included KTR Capital Partners, ML Realty Partners, ProLogis and Liberty Property Trust. Notable transactions included Podolsky Northstar Partners multi-transaction, $121.7 million ($55 sf) to KTR Capital Partners and CenterPoint Properties $66.2 million 6 property ($58 sf) sale to ML Realty Partners. Notable one off transactions included CenterPoint s $19.1 million ($18 psf) Indiana property sale to Welsh Investments and Invesco Realty Advisors $20.6 million ($58 sf) sale to JP Morgan. 2nd Qtr Industrial Sales Buyer - Seller Profile While liquidity levels remain high, the recent turmoil in the credit markets may result in the repricing of highly leveraged private acquisitions. Core and core plus property pricing should remain relatively stable. Risk premiums may be priced into future deals as a result of tougher underwriting. Foreign Institution Public/ REIT Private/ Local Private/ National Other 8 The data compiled in the Chicago Office Market Report is the legal property of NAI Hiffman. Reproduction or dissemination of the information contained herein is strictly prohibited without the expressed written consent of NAI Hiffman. This report contains information, including information available to the public, which has been relied upon by NAI Hiffman on the assumption that it is accurate and complete without independent verification by NAI Hiffman. NAI Hiffman accepts no responsibility if this should prove to be inaccurate or incomplete. No warranty or representation, express or implied, is made by NAI Hiffman as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, and changes in market conditions. NAI Hiffman First Quarter 2007 Market Report
10 BOONE CO. MCHENRY CO. Industrial Submarket Map De Kalb Sycamore LASALLE CO. KENDALL CO. DEKALB CO. KANE CO. Sandwich Harvard Walworth Marengo KANE CO. KENDALL CO. Newmark Elburn West to Rochelle I-88 MCHENRY CO. KANE CO. Sugar Grove Woodstock Hebron 90 Lake in the Hills Yorkville Crystal Lake Batavia KENDALL CO. GRUNDY CO. Elgin Aurora Spring Grove McHenry St. Charles KANE CO. DUPAGE CO. KENDALL CO. WILL CO. 80 Minooka Twin Lakes MCHENRY CO. LAKE CO. COOK CO. DUPAGE CO. Warrenville LAKE CO. COOK CO. 53 Rolling Meadows Hoffman Estates Schaumburg Naperville 55 Joliet WISCONSIN ILLINOIS Round Lake Lake Zurich Northwest Cook ELGIN-O'HARE EXPWY. Central DuPage Carol Stream Lake County/ Southern WI Glen Ellyn Lisle Bolingbrook I-55 Romeoville Mundelein Palatine 355 Libertyville Buffalo Grove Arlington Heights Addison 290 Lombard Downers Grove Woodridge Lincolnshire Elk Grove Oakbrook Terrace DUPAGE CO. COOK CO. Lemont Oak Brook Gurnee Des Plaines O'Hare I-80 New Lenox 80 Mokena Waukegan Lake Forest Highland Deerfiield Rosemont Melrose Orland Northbrook North Cook Niles La Grange Frankfort Glenview I-290 North Oak 290 Bedford Palos Heights Tinley 94 Cicero 55 Evanston Skokie CHICAGO MIDWAY AIRPORT Oak Lawn Lake Michigan 57 Chicago Heights COOK CO. WILL CO. University Chicago Harvey 94 Chicago Hts. 90 ILLINOIS INDIANA East Chicago Hammond Munster Gar Scherervil Morris Cedar Lake
11 NAI Global Committed to Chicago. Connected to the world. NAI Hiffman is the Chicago area representative of NAI Global. NAI Global has the deepest roots in commercial real estate. But what makes us different is the way we bring together the people and resources we have around the world to deliver results for our clients. As the world s only managed network of commercial real estate fi rms, we work together to help our clients strategically optimize their assets. Our clients come to us for our deep local knowledge. They build their businesses on the power of our global managed network. Build on the power of our network. NAI Hiffman First Quarter 2007 Market Report
12 NAI Hiffman NAI Hiffman is the largest full service, privately-owned commercial real estate brokerage and management company in the Chicago region. With over 200 brokers and employees, NAI Hiffman is dedicated to providing our clients with the most comprehensive real estate services with the highest level of professionalism and integrity. NAI Hiffman delivers world-class, results-oriented, office, industrial, retail and investment brokerage and management services including: Acquisition & Dispositions Leasing & Subleasing Tenant Representation Property Management Sale/Leaseback Build-to-Suit Investment Services Site Selection Due Diligence Market Research Consulting & Strategic Planning Receivership & REO Disposition NAI Hiffman is the Chicago regional representative of NAI Global, the world s leading managed network of commercial real estate fi rms spanning the globe. As the world s only managed network of commercial real estate fi rms, NAI works together to help our clients strategically optimize their assets. Our clients come to us for our deep local knowledge. They build their business on the power of our global managed network. With over 300 offi ces in more than 40 countries, NAI is connected to the world. One Oakbrook Terrace Suite 600 Oakbrook Terrace, IL tel fax One South Wacker Drive Suite 1990 Chicago, IL tel fax
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