What’s ahead for DuPage County industrial growth?
Nov. 5, 2023 — The DuPage County industrial market remains a top draw for investors and tenants due to its convenient location, strong industrial base and low tax rates. Many of Chicago’s small to mid-sized industrial businesses are moving ahead with growth plans and looking to DuPage County for options. One example is a recent building acquisition negotiated by Brown Commercial Group Broker Pat Crowley.
Crowley assisted Zenger’s Inc. in acquiring a 13,369-square-foot industrial building at 775 Kimberly Drive in Carol Stream, Illinois. The building is located in the heart of the DuPage County growth corridor and reflects the growing trend among industrial businesses looking to expand their operations.
Zenger’s Inc. provides industrial equipment, metalworking tooling, and safety/PPE products to manufacturers, federal, state, and local municipalities, and commercial construction companies. “This building offers an excellent opportunity for Zenger’s Inc. to modernize its operational footprint, tailor its space to its specific requirements, and chart an exciting growth trajectory for 2024,” says Crowley.
The company is relocating its headquarters from Melrose Park, Illinois, to Carol Stream, with plans to modernize and improve efficiencies. Carol Stream is known for its expansive industrial infrastructure, connectivity to key transportation routes, and favorable property tax structure.
DuPage County industrial draws logistics, specialized industrial businesses
CoStar research notes that the North DuPage industrial submarket has a 3.6% vacancy rate and is a draw for logistics and specialized industrial businesses. Logistics space accounts for 34.4 million square feet (msf) in the county and is the dominant subtype. Specialized industrial space accounts for 7.2 msf and flex space totals nearly 1 msf. Notably, industrial rents in this submarket have surged by 8.4% over the past 12 months and 26.1% over the past three years. Current rents average approximately $9 per square foot, slightly more cost-effective than the broader Chicago market, where rents average around $9.30 per square foot.
See REJournals.com for more details.
