For the past decade, Chicago’s industrial real estate sector has skyrocketed in demand. According to Avison Young, with a year-to-date total of $4.2 billion, Chicago’s industrial sales volume through the third quarter sets the warehouse & logistics sector to outpace the five-year average by 16.2%. As technology improves and investors seek exposure to properties that can facilitate the rising demand of e-commerce distribution, pricing for industrial assets will continue to swell.
With the rising trend of online shopping, the demand for last-mile space and distribution has increased exponentially – making industrial real estate one of the hottest-selling commodities in the market today. Due to the overwhelming demand for industrial spaces and the increase in property developers making an entry, the market to buy industrial property in Chicago is becoming increasingly competitive.
Determine your needs to streamline the search process
When investing in industrial property, it is crucial to understand your needs. Determining your ideal scenario is where you need to start. Begin by considering how much space you require depending on the purpose of buying the industrial property. It should be spacious enough to accommodate all your inventory and equipment. It is always wise to take additional space to meet the needs as you grow.
Other factors to consider are:
- Clear height
- Inventory loading and unloading capabilities
- Type of power supply needed
- Cooling and heating capabilities
- Location and ease of accessibility
- Parking requirements
- Room for future expansion
Preparing a Checklist
When you start looking for an industrial property in Chicago, prepare a checklist of items your investment will require. Then, begin to search for industrial properties online. Online resources allow you to easily filter the search by mentioning items in your checklist such as property type, building size, lot size, and desired area.
Once you have pinpointed the desired location, drive through the industrial areas in your market and check out properties. While preparing a checklist and visiting properties is a great starting point for anyone looking to purchase industrial real estate, it is just a starting point.
As an investor, you can take steps to mitigate further risks associated with any deal. Utilizing professional industrial brokerage services in Chicago is the best way to find a suitable industrial property in the area. With years of industry experience and market data, these experts can weigh your needs to find the right space available in the market. Further, professional industrial brokerage services in Chicago will assist in handling property inspections, market research, negotiation, handling paperwork, due diligence, and closing the deal.