UPDATED, Nov. 27, 9:45 a.m.: A logistics services provider has inked a 375,000-square-foot lease in a massive warehouse built on spec in the southwest suburbs, another indication of the Chicago area’s strong industrial market.
Des Plaines-based DSC Logistics will become the first tenant at 21530 Southwest Frontage Road in Shorewood.
Chicago-based HSA Commercial Real Estate and Clarion Partners of New York developed the 750,000-square-foot building, which was completed in May. The partners also announced the new lease. Another tenant is still being sought for the other half of the warehouse.
The property is located within the larger Heartland Corporate Center.
Colliers International’s David Bercu and Matthew Stauber represented HSA and Clarion in the deal. Colliers’ Lynn Reich and Suzanne Serino represented DSC.
Demand for industrial properties in Chicago remains high, and has pushed down vacancy rates to the lowest levels in nearly 20 years. The spec industrial sector has also been booming, with 8.8 million square feet of new product coming online in the third quarter, according to Colliers International. That represents the largest amount in any quarter since 2013.