Elk Grove Village Industrial Vacancy Rate Reaches New Record Low
Colliers International released its 2018 second quarter industrial vacancy report for the O’Hare Industrial Market and reported that Elk Grove Village’s current vacancy rate is 2.64%. This is a new record low for Elk Grove Village, breaking the previous record of 2.87% set just this year in the 1st quarter of 2018.
The Elk Grove industrial park is part of the O’Hare Industrial Market. The Village’s 62 million square feet of industrial space represents almost half of the entire O’Hare Market.
For the end of the second quarter of 2018, the Village’s vacancy rate for the business park was 2.64%, which is lower than the overall vacancy rate for the O’Hare Market of 3.03%.
The historic low vacancy rate and the performance lower than the market is driven by the expansion and relocation of companies in manufacturing, transportation, and data centers.
“Business is booming in Elk Grove Village—this is the lowest recorded vacancy rate in our history, and we’re also continuing to see heavy private sector investment back into the Business Park.” said Elk Grove Village Mayor Craig Johnson.
A vacancy rate of 5% is considered essentially full, taking into account natural vacancies for businesses that are moving in and out of properties. Elk Grove Village has now sustained a vacancy rate below 5% for over two years.