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Follow on Google News | Cushman & Wakefield Chicago-Based Industrial Team Reports 1.8 Million Sq. Ft. in ActivityImpressive Start to 2013 Illustrates Strong, Market-wide Momentum
By: Caryl Communications "Chicago remains one of the hottest industrial leasing markets in the nation," Casey noted. "It registered 14.9 million square feet of absorption last year, outpacing all 73 other markets tracked by Cushman & Wakefield and its Alliance Partners. The vacancy rate has dropped 1.1 percentage points, and rents have climbed 3.0 percent over the past year. These tightening fundamentals bode well for landlords looking forward through 2013 and beyond." The Casey team, which is based in Cushman & Wakefield's Rosemont office, also includes Michael D. Hawryluk, associate director; Al Caruana, director; Christopher P. Lydon, SIOR, senior director; and Linda L. Biedron, client coordinator. Two blockbuster deals showcase the group's recent activity. The largest involved a 367,999-square- Other significant recent transactions completed by the Casey Team include: A 295,393-square- A 245,217-square- A 203,064-square- A 139,444-square- A 101,000-square- "These major transactions illustrate the high level of quality distribution and manufacturing big-box demand we are seeing in the Chicago industrial market," Casey said. "Last year, 28 leases in excess of 200,000 square feet closed here, and so far in 2013 that momentum is continuing and in my opinion will eclipse 2012 levels." The Casey team's activity is focused in the DuPage County, I-80 and O'Hare submarkets. The group has represented more than 48 million square feet of industrial transactions valued at over $1.1 billion. Collectively, its members have more than 85 years of industry experience. The Chicago team is part of Cushman & Wakefield's national industrial brokerage platform, which provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion. End
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