News
AIRE SAYS 2011 WILL BE BETTER
May 18, 2011
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| In a survey of about 500 members of the Association of Industrial Real Estate Brokers, most agreed that rates and sales of industrial buildings will remain steady in Chicago in 2011. AIRE president Podolsky Northstar's Corey Chase (right, with Podolsky co-leaders) told us more members responded to the survey this year because it was presented via email instead of on paper at a meeting. 46.2% predicted rents would be flat while 33.3% thought they could grow by as much as 5%. On the sales side, brokers were even more optimistic, with 34.2% predicting a 5% uptick in sales an 33.3% voting that sales would be flat. He tells us he thinks industrial markets have hit rock bottom, with vacancy rates down 75 to 100 bps to 11.7%. Another 75 bps decrease in vacancy will make brokers feel a lot more comfortable, he says. |
