Manufacturing Month

     There is approximately 19 billion square feet of industrial space in the U. S. with the Chicago Industrial Market, is the largest in the nation with approximately 1.4 billion square feet of space.  The vacancy rate has dropped to a near historic low of 5.9% in some 23,594 commercial buildings. The average rental rate in the overall Chicago market has risen to a record high of $9.24 per square foot from around $5 per square foot just a few years ago. Over 14 million square feet of new commercial construction is currently under construction in the Chicago area market. Industrial property forecasts point to a growing demand over the next 5 years.

     Elgin is home to over 24 industrial parks, and 27 million square feet of industrial space with over 400 industrial properties. Elgin maintains over 75% of the existing inventory of manufacturing space in the northern Kane County sub-market. The current vacancy rate is just 6.8% with a record sale price of $97 per square foot. Elgin’s location along I-90 with three full access points, proximity to the Chicago market and O’Hare airport make it an ideal location for domestic and international businesses. Elgin also provides an abundant, skilled labor pool for manufacturers. The Elgin Industrial Sub-Market, which includes Northern Kane County and the I-90 Northwest Corridor, have all exhibited good and solid fundamentals in occupancy rates, rental rates and balanced supply.