Over 800 commercial and industrial real estate executives attended the 2018 Real Estate Forecast event in downtown Chicago on January 17. North Central Illinois EDC (NCI)was one of the primary sponsors of the event, and promoted the region at the exhibit hall and during the Industrial Development Panel.
“The market for industrial development in northern Illinois is great,” according toe Kenneth Szady, national director for Marcus and Millichap. This sentiment was echoed by over two dozen Real Estate executives at meetings and break-out sessions, sponsored by the Illinois Real Estate Journal. Dan Smolensky, principal of Taurus Modal Group, said “Opportunities are tremendous. Vacancy rates are low, demand is high, and industrial development is Hot in Northeastern Illinois/Metro Chicago.”
Executive pointed out concerns abouit taxes and uncertainty in the state fiscal climate. Yet, those issues are not countering the enthusiasm and optimism of the Market. “Companies want to be where the people are,” said Tony Pricco, principal of Bridge Development Partners. “They are following the consumer market.” As a result, communities and industrial sites located far from the population centers, or O’Hare, are having a harder time in attracting interest.
“But, rural and exurban areas can be aggressive with full-service properties, aggressive incentives, and labor skills to secure their fair share of this exciting Industrial Market,” said Jeff Bennett, president of McColly Bennett Commercial.
North Central Illinois EDC (NCI) is prominently being featured at regional Industrial Real Estate events sponsored by the Illinois Real Estate Journal, CoreNet Global, Association of Industrial Real Estate, and Society of Industrial and Office Realtors. “The Chicago region market is dynamic,” said Ivan Baker, NCI president, “and we must be in front of the decision-markers and brokers in order to have our sites reviewed.”
The Annual January Real Estate Forecast is always one of the largest meetings of top Northern Illinois brokers and developers.