Vacancy tightens as occupiers act on deferred demand

Chicago's industrial market continued to tighten in Q2 2026, with vacancy falling 90 basis points year over year to 6.9%, its lowest level in the past seven quarters. Occupier demand strengthened considerably during the first half of the year, with net absorption reaching 10.6 million square feet (msf) year to date compared with just 2.0 msf over the same period last year as tenants moved decisively on previously delayed requirements. With deliveries remaining historically low and demand continuing to outpace new supply, the market has made steady progress absorbing available inventory.

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