By Chris Mergenthaler, DarwinPW Realty/CORFAC International The Windy City, as Chicago is often dubbed, has long been a vital hub of commerce and industry. Boasting 19 intermodal facilities operated by six Class I railroads, a top 15 worldwide cargo airport, and sitting at the confluence of seven interstate highways that allow goods to reach 25 to 30 percent of the U.S. population within one day’s drive, Chicago’s central location makes it a key logistics and transportation hub. The robust labor force of over 4.7 million nonfarm employees, according to a first-quarter 2024 U.S. Bureau of Labor Statistics report, coupled with Chicago’s location and infrastructure, lay the foundation for a fundamentally strong industrial market. While the long-term outlook of the Chicago industrial market remains positive, the Windy City is facing some headwinds as the market progresses through 2024. Uncertainty, whether positive or negative, has been a common theme of the Chicago industrial market since early 2023 as the market reacts to changing macroeconomic and geopolitical factors. Uncertainty in the global supply chain, trade relations with other countries, as well as one of the longest freight market recessions in recent history, have led to an increase in direct and sublet space on …
