Metropolitan Chicago Industrial Market Report First Quarter 2007
Industrial Statistics 1st Quarter 2007 1 AVAILABLE AVAILABILITY 1Q07 INDUSTRIAL SUBMARKET INVENTORY SF RATE ABSORPTION INCREASE O Hare 113,284,378 11,173,742 9.86% -910,802 0 I-55 65,157,992 9,852,070 15.12% 886,657 1,104,210 Central DuPage 53,532,310 6,579,040 12.29% -592,151 0 I-88 92,545,527 10,853,188 11.73% -611,011 505,015 Lake County 65,390,013 5,669,706 8.67% 559,110 1,058,743 I-80 East 71,418,651 9,481,188 13.28% 408.452 575,024 I-80 West 35,067,386 5,397,795 15.39% 701,874 1,400,000 North Cook 42,226,639 3,812,054 9.03% 315,376 0 Northwest Cook 22,064,011 2,975,639 13.49% 88,409 100,000 I-290 North 64,154,438 4,841,260 7.55% -372,432 66,580 I-290 South 32,536,564 2,518,084 7.74% 255,284 0 North Chicago 73,566,370 7,973,425 10.84% -32,244 0 South Chicago 112,276,774 10,732,060 9.56% -341,598 0 South Suburbs 48,396,055 7,074,640 14.62% 201,086 0 I-90 Elgin 22,970,094 1,695,892 7.380% 21,800 0 McHenry 19,133,744 2,829,642 14.79% 483,011 0 DuPage County 18,027,441 1,468,976 8.15% -198,589 248,748 Lake Suburbs 9,408,488 261,402 2.78% 151,977 0 SE Wisconsin 3,380,200 368,780 10.91% 513,104 0 Flex 58,655,381 7,026,285 11.98% 377,797 104,978 Industrial Summary 1,023,192,456 112,584,868 11.00% 1,905,110 5,096,718 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 6.0 5.0 4.0 3.0 2.0 1.0 2.4 5.3 3.4 3.2 4.1 2.1 5.2 4.5 3.2 3.1 5.0 3.8 1.9 3.1 3.8 4.5 2.2 3.4 4.5 1.5 1.7 4.8 4.7 2.4 1.1 1.9 0.0 2004 1q 2004 2q 2004 3q 2004 4q 2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q 2007 1q Source: CoStar
Industrial Lake County Statistics Market Size (sf)... 65,390,013 Overall Vacant Space (sf)... 5,669,706 Overall Vacancy... 8.67% 1Q07 Absorption (sf)... 559,110 YTD Absorption (sf)... 559,110 Net Rental Rate... $3.50 - $5.75 Under Construction... 1,058,743 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 22 0-26 0 clear; Centerpoint Gurnee Business Center 161,200 sf (almost 30% leased); Liberty Point, Libertyville at Peterson/Route 45 270,000 sf with more planned and Oak Grove Business, Waukegan 83,000 sf, 112,000 sf & 122,000 sf spec. 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 40,000 100,000 square foot manufacturers who sought to escape Illinois, let alone Cook County s, onerous tax structure. 2 Major East-West Lake County Corridor Lease Lease Transactions Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Accredited AutoMed Technologies Home Lending 21400 Lincoln Busch Center, Pkwy., Oakbrook Buffalo Grove Terrace 160,000 25,000 Lease New Logicalis Brightstar Corporation 2000 750 Warrenville USG Dr., Libertyville Rd., Lisle 115,000 23,400 Lease New Fidelity Walgreens Info Services 2400 900 Asbury Ogden Dr., Ave, Buffalo Lisle Grove 23,365 40,010 New Lease SAP 5 Westbrook Corp. Ctr., Westbrook 22,393 Renewal Anderson Major Lake Mike County Architects Sale Transactions 1 view Plaza, Oakbrook Terrace 18,233 New Address Size (sf) Price (mil) Price psf Buyer Seller Major East-West Corridor Sale Transactions 3800-3898 Sunset, Waukegan 208,800 $9.7 $46.46 ProLogis Sunset Partners Address Size (sf) Price (mil) Price psf Buyer Seller 375 N Fairway Dr., Vernon Hills 136,260 $9.1 $66.84 Learning Resources DB RREEF 263 Shuman, Naperville 354,000 $55.3 $156 Wells Real Estate Prudential/GVA Williams 3135 N Oak Grove, Waukegan 31,348 $2.3 $73.90 S2, LLC Imperial Crown Marketing 535 W Diehl, Naperville 163,623 37.5 229 Griffin Capital OPUS North 2200 Cabot, Lisle 125,000 25.3 202 Colony Capital Brandywine Development 3901 Liberty, Aurora 60,000 8.3 138 Inland Real Estate Bradley Associates NAI Hiffman First Quarter 2007 Market Report
Industrial O Hare Statistics Market Size (sf)... 113,284,378 Overall Vacant Space (sf)... 11,173,742 Overall Vacancy... 9.86% 1Q07 Absorption (sf)... -910,802 YTD Absorption (sf)... -910,802 Net Rental Rate... $3.00 - $8.50 Under Construction... 0 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 The next 12 to 18 months should prove to be critical with a net basis for new buildings depending on the extent of respect to the depth of the air cargo market and how it build-out. The new developments with a higher land basis affects the future value of industrial land within the O Hare have yet to be tested by the market as most have not been market. If absorption does not keep up with the historical completed. 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 Savino Del Bene, Home USA Lending 21905 Lincoln Mt. Center, Prospect Oakbrook Rd., Des Terrace Plaines 125,000 Lease New Logicalis 4C Logistics 1225 750 Warrenville Bryn Mawr, Rd., Itasca Lisle 80,000 23,400 Renewal New Fidelity Pull R Holding Info Services 2400 1000 Ogden Greenleaf, Ave, Elk Lisle Grove Village 23,365 48,000 New Lease SAP Armstrong Relocation Co. 5201-225 Westbrook S Prospect Corp. Ctr., Ave., Westbrook Itasca 45,606 22,393 Lease Renewal Anderson Suland Corporation Mike Architects 12638 view United Plaza, Lane, Oakbrook Elk Grove Terrace Village 18,233 17,420 New Lease Major East-West O Hare Sale Corridor Transactions Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller 263 2200 Shuman, S Busse Naperville Rd., Elk Grove Village 488,740 354,000 $31.5 $55.3 $156 $64 Wells DuPont Real Fabros Estate Development Prudential/GVA CenterPoint Properties Williams 535 1500 W Mittel Diehl, Dr., Naperville Wood Dale 163,623 250,354 $43.5 37.5 $174 229 Griffin Prudential Capital RE Investors Wells OPUS Real North Estate 2200 1465 Cabot, E Industrial Lisle Dr., Itasca 125,000 117,880 25.3 $6.3 202 $53 Colony Realty Associates Capital Excelsior Brandywine Manufacturing Development 3901 321 Foster Liberty, Ave., Aurora Wood Dale 137,607 60,000 $9.3 8.3 138 $68 Inland Real Estate Group Bradley Associates Pictured above: 1000 Greenleaf, Elk Grove Village, where Pull R Holding leased 48,000 sf.
Industrial Central DuPage Statistics Market Size (sf)... 53,532,310 Overall Vacant Space (sf)... 6,579,040 Overall Vacancy... 12.29% 1Q07 Absorption (sf)... -592,151 YTD Absorption (sf)... -592,151 Net Rental Rate... $3.95 - $6.25 Under Construction... 0 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 East-West Central DuPage Corridor Lease Lease Transactions Transactions *italics denotes NAI Hiffman transactions Tenant Address Size (sf) Comments Accredited Associate Materials, Home Lending Inc. 2133 Lincoln N. Swift Center, Rd., Oakbrook Addison Terrace 25,000 58,185 New Lease Logicalis Chicago Title Insurance 750 160 Warrenville E. Fullerton Rd., Ave., Lisle Carol Stream 23,400 46,986 New Lease Fidelity Defined Info Logistics Services 2400 835 Carol Ogden Ct., Ave, Carol Lisle Stream 23,365 32,000 New Lease SAP Family Home Unit 52171 Westbrook Executive Corp. Dr. Addison Ctr., Westbrook 15,717 22,393 Lease Renewal Anderson Wire Rope Mike Corporation Architects of America 1220 view Capital Plaza, Dr., Addison Oakbrook Terrace 18,233 15,500 New Lease Major East-West Central DuPage Corridor Sale Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller 263 120 Shuman, Internationale Naperville Blvd., Glendale Hts. 354,000 137,607 $55.3 $9.3 $156 $68 Wells Inland Real Estate Prudential/GVA Bradely Associates Williams 535 250 W E. Kehoe, Diehl, Naperville Carol Stream 163,623 67,000 $2.65 37.5 $39.55 229 Griffin Frain Industries Capital OPUS Seefried North Properties 2200 Cabot, Lisle 125,000 25.3 202 Colony Capital Brandywine Development 3901 Liberty, Aurora 60,000 8.3 138 Inland Real Estate Bradley Associates Pictured above: 835 Carol Ct., Carol Stream, where Defined Logistics leased 32,000 sf. NAI Hiffman First Quarter 2007 Market Report
Industrial I-88 Corridor Statistics Market Size (sf)... 92,545,527 Overall Vacant Space (sf)... 10,853,188 Overall Vacancy... 11.73% 1Q07 Absorption (sf)... -611,011 YTD Absorption (sf)... -611,011 Net Rental Rate... $2.50 - $6.50 Under Construction... 505,015 5 MARKET OVERVIEW The I-88 Corridor has continued 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. They are planning several speculative buildings in the 300,000-400,000 sf range. Also, Duke recently acquired the remaining industrial land in the Butterfi eld Business from the Levy Organization. The developer is planning to build several big box industrial buildings either on a build-to-suit and speculative basis. 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 350,000 sf completed at Space Center s building located at 2540 Prospect Drive. WOW Logistics relocated from a smaller space in Naperville to take 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 Chep Home Lending 2453 2 Lincoln Prospect, Center, Aurora Oakbrook Terrace 124,205 25,000 New Lease Logicalis Servex 750 1670 Warrenville Frontenac Rd., Dr., Naperville Lisle 23,400 61,705 New Lease Fidelity Comac, Info Inc. Services 3950-3980 2400 Ogden W Ave, Swanson, Lisle St. Charles 23,365 47,343 New Lease SAP Raphael Industries, Inc. 2695 5 Westbrook Beverly Corp. Ct., Aurora Ctr., Westbrook 12,125 22,393 Lease Renewal Anderson Mike Architects 1 view Plaza, Oakbrook Terrace 18,233 New Major East-West I-88 Corridor Corridor Sale Transactions Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller 263 1333 Shuman, N Kirk Rd., Naperville Batavia 111,373 354,000 $55.3 $4.7 $156 $43 Wells -- Real Estate Walton Prudential/GVA Street Capital Williams 535 1111 W Harvester Diehl, Naperville Rd., West Chicago 202,911 163,623 $8.3 37.5 $41 229 -- Griffin Capital Walton OPUS North Street Capital 2200 1445 Cabot, Northwest Lisle Ave., West Chicago 212,256 125,000 $9.2 25.3 $43 202 -- Colony Capital Walton Brandywine Street Development Capital 3901 Liberty, Aurora 60,000 8.3 138 Inland Real Estate Bradley Associates
Industrial I-55 Corridor Statistics Market Size (sf)... 65,157,992 Overall Vacant Space (sf)... 9,852,070 Overall Vacancy... 15.12% 1Q07 Absorption (sf)... 886,657 YTD Absorption (sf)... 886,657 Net Rental Rate... $2.75 - $7.50 Under Construction... 1,104,210 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 15%, down from 16% a year ago. An uptick in year-to-date absorption resulted in approximately 900,000 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 2007. Leasing activity within the Corridor the fi rst quarter was brisk with notable deals such as Permasteelisa 126,312 sf, DTI Warehouse 48,101 sf, Worldwide 75,000 sf and North Coast Logistics 160,779 sf, to name a few. Effective rental rates on 300,000 sf properties and greater range between $2.50 NNN to $2.95 NNN. Rates are expected to remain fl at in the fi rst half of 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. 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 ALG Direct Home Lending 254 2 Lincoln Internationale Center, Oakbrook Dr., Bolingbrook Terrace 261,544 25,000 New Lease Logicalis North Coast Logistics 750 340 Warrenville Crossroads Rd., Pky., Lisle Bolingbrook 160,779 23,400 New Lease Fidelity New Breed Info Services Logistics 2400 1416 Ogden Lakeview, Ave, Romeoville Lisle 23,365 86,696 New Renewal SAP DTI Warehouse 5605 Westbrook Territorial Corp. Ct., Bolingbrook Ctr., Westbrook 22,393 48,101 Renewal Lease Anderson Heartland Mike Insulation Architects 12401 view Internationale Plaza, Oakbrook Pky., Woodridge Terrace 18,233 23,816 New Renewal Major East-West I-55 Corridor Corridor Sale Transactions Sale Transactions Address Size (sf) Price (mil) Price psf Buyer Seller 263 901 Shuman, Carlow Dr., Naperville Bolingbrook 750,000 354,000 $45.0 $55.3 $156 $60 Wells Teacher s Real Insurance Estate & Annuity Prudential/GVA TA Associates Williams 535 2780 W McDonough Diehl, Naperville Rd., Joliet 163,623 476,988 $18.3 37.5 229 $38 Griffin Columbia Capital Industrial Properties OPUS First Industrial North 2200 460 Gibraltar Cabot, Lisle Dr., Bolingbrook 229,556 125,000 $13.0 25.3 $57 202 DSEA Colony 460 Capital Gibraltar LLC Prairie Brandywine Corporate Development Crossings LLC 3901 Liberty, Aurora 60,000 8.3 138 Inland Real Estate Bradley Associates Pictured above: 1416 Lakeview, Romeoville, where New Breed Logistics renewed its 86,696 sf lease. NAI Hiffman First Quarter 2007 Market Report
Industrial I-80 East & West 7 Statistics I-80 East I-80 West Market Size (sf)... 71,418,651... 35,067,386 Overall Vacant Space (sf)... 9,481,188... 5,397,795 Overall Vacancy... 13.28%... 15.39% 1Q07 Absorption (sf)... 408,452... 701,874 YTD Absorption (sf)... 408,452... 701,874 Net Rental Rate... $2.00 - $4.25... $2.75 - $4.50 Under Construction... 575,024... 1,400,000 I-80 EAST During first quarter the availability rate decreased slightly from 13.73% to 13.28% on positive absorption of 408,452 sf with a leasing volume of 293,364 sf. In the corridor, Developer First Industrial Realty Trust recently announced plans to develop 92 acres in the Tinley Corporate Center as part of its development and repositioning joint venture with CalSTRS (California State Teacher s Retirement System). Two speculative buildings are planned, with construction of a 915,642 sf and a 300,784 sf to begin this summer. 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 $2.50 - $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 first quarter, I-80 East & I-80 West Availability in percent I-80 West I-80 East I-80 East & I-80 West Absorption in 100,000 sf I-80 West I-80 East 0.58 17.35 13.66 1Q06 0.89 1Q06 16.57 14.06 2Q06 0.65 0.60 2Q06 15.73 14.33 3Q06 1.14 0.40 3Q06 16.41 4Q06 1.23 0.97 4Q06 15.39 13.73 13.28 1Q07 0.41 0.70 1Q07 availability decreased to 15.39% from 16.41% at the end of fourth quarter. Recent construction deliveries include the completion of 806,400 sf building in Morris, IL by developer ProLogis and an 861,438 sf spec building expandable to 1 million sf by Opus North. Absorption for the quarter remains positive with rents averaging $2.50 - $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 Harlem Ave., and I-80 1,000,000 First Industrial Planned CenterPoint Intermodal Center, Elwood, IL 1,200,000 CenterPoint Properties Under Construction AMB Minooka Distribution Center, Minooka, IL 1,000,595 AMB Corporation Planned Spring 2007 Laraway Crossings, Joliet, IL 650,000 Ryan Companies Proposed Crossings, University, IL 575,024 TCB Under Construction Cherry Hill Business IV, New Lenox, IL 522,250 Northern Completed LogistiCenter at Sauk Village, Sauk Village, IL 258,950 DP Partners Completed
Investment 1st Quarter 2007 INDUSTRIAL Sales of suburban industrial buildings, 100,000 sf and greater, totaled $480.0 million, with cap rates averaging around 7.03%. Net buyers included Institution, Public and Private National investors. Private Local and Others were net sellers. Active investors included Cobalt Capital Partners, JP Morgan Chase, CenterPoint Properties, Inland Real Estate and ML Realty Partners. Notable one off transactions included TA Associates $45 million ($60 psf) sale to TIAA s (Teachers Insurance & Annunity Associations ), Wells Real Estates $43.5 million ($174 psf) single tenant sale to Prudential Real Estate, Sunset Partners $9.7 million ($47 psf) sale to ProLogis and First Industrials $18.2 million ($38 psf) sale to Columbia Industrial Properties. 1st Qtr. 2007 Industrial Sales Buyer - Seller Profile 186.4 61.0 30.8 80.6 139.4 12.5 Cap rates are expected to stabilize with minimal upward pressure due to the unprecedented levels of liquidity. Event risk could impact cap rates in the short term. 123.0 100.4 69.0 146.0 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
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 290 90 88 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 94 294 190 294 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 90 94 CHICAGO MIDWAY AIRPORT Oak Lawn Lake Michigan 57 Chicago Heights COOK CO. WILL CO. University 90 94 Chicago Harvey 94 Chicago Hts. 90 ILLINOIS INDIANA East Chicago Hammond Munster Gar Scherervil Morris Cedar Lake
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