Illinois’ Industrial Boom: Warehouses, Policy, and New Economy
Illinois has long been a logistical heartland. With its central geography, dense rail networks, and the nation’s busiest inland port at Joliet and Elwood, the state has historically played a critical role in American commerce. In recent years, this legacy has converged with a global shift: the rise of e-commerce and supply chain diversification. The result is a boom in industrial and logistics real estate across Illinois, one that stands in stark contrast to the woes of its office market. The Rise of Warehousing Demand The most visible manifestation of this trend is the sheer scale of new warehouse development. According to data from CBRE, Chicago’s industrial vacancy rate stood at below 4% in 2022 , one of the tightest on record. Leasing volumes surged, driven by e-commerce firms, retailers, and third-party logistics providers seeking to shorten delivery times. The pandemic accelerated this demand. As consumers turned to online shopping, retailers scrambled ...