Commercial Property Market Update: Q1 2020 Lease Activity: Asking Rent / S.F.
According to the latest numbers, our industrial property market update for Will County in Q4 shows a few strong trends to be aware of.
Industrial Property Lease Trends
- Vacancy rate: industrial property vacancy rates are showing a sharply rising trend. This is no doubt due to the stay-at-home orders and lockdowns causing some business to close, either temporarily or permanently.
- Commercial property availability: the amount of properties on the market crept down a bit relative to vacancy rates for the past 10 years or so, but that trend has come to an end in Q1 this year – at least for the time being.
- Industrial property lease rates: following a sharp drop about halfway through the quarter, rents have again begun to rise. This is good news for property owners while making it challenging for tenants to find a long-term lease deal.
- Months to lease: because of all of these factors, and thanks to the economy “re-opening”, properties are not staying empty for long and are only on the market for two months or so.
If you need the help of an expert to interpret the trends being shown in the latest Will County industrial property market update and how they affect you, contact Chris Condon of John Greene Commercial today.