Insights
Illinois
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Apartment
The average Vacancy Rate was 4.9% in the Chicago metro
- No vacancy change since Q1 2023 in the Chicago metro.
- The Chicago metro had the lowest vacancy level since Q3 2017.
- Vacancy is expected to finish 2023 at 5.1% in the Chicago metro.
Distribution / Warehousing
The average Vacancy Rate was 3.8% in the Chicago metro
- Vacancy in the Chicago metro drifted downward by 20 basis points.
- The Chicago metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 3.8% in the Chicago metro.
Flex / R&D
The average Vacancy Rate was 5.6% in the Chicago metro
- The Chicago metro had the seventh lowest vacancy in the nation and the ninth lowest in the Midwest.
- Vacancy in the Chicago metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2023 at 5.5% in the Chicago metro.
Office
The average Vacancy Rate was 17.4% in the Chicago metro
- The Chicago metro had the tenth lowest vacancy in the nation and the eleventh lowest in the Midwest.
- Vacancy in the Chicago metro fell by 90 basis points.
- The Chicago metro had the lowest vacancy level since Q2 2009.
Retail
The average Vacancy Rate was 12.7% in the Chicago metro
- No vacancy change since Q1 2023 in the Chicago metro.
- The Chicago metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 12.5% in the Chicago metro.
RENT
Apartment
The average Asking Rent was $1,833 in the Chicago metro
- Rent in the Chicago metro was up 0.3% from Q1 2023.
- Rent is expected to finish 2023 at $1,863 in the Chicago metro.
Distribution / Warehousing
The average Asking Rent was $6.48 in the Chicago metro
- Rent in the Chicago metro was up 1.7% from Q1 2023.
- Rent has risen in every quarter for the past three years in the Chicago metro.
- Rent is expected to finish 2023 at $6.71 in the Chicago metro.
Flex / R&D
The average Asking Rent was $9.86 in the Chicago metro
- Rent in the Chicago metro was up 0.5% from Q1 2023.
- Rent Has risen for eleven consecutive quarters in the Chicago metro.
- Rent is expected to finish 2023 at $10.23 in the Chicago metro.
Office
The average Asking Rent was $32.56 in the Chicago metro
- Rent in the Chicago metro was up 0.2% from Q1 2023.
- Rent Has risen for six consecutive quarters in the Chicago metro.
- Rent is expected to finish 2023 at $32.76 in the Chicago metro.
Retail
The average Asking Rent was $20.89 in the Chicago metro
- The Chicago metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $20.99 in the Chicago metro.
VACANCY
Apartment
The average Vacancy Rate was 4.6% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 20 basis points.
- The St. Louis metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2023 at 5.0% in the St. Louis metro.
Distribution / Warehousing
The average Vacancy Rate was 7.0% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 30 basis points.
- Vacancy is expected to finish 2023 at 6.8% in the St. Louis metro.
Flex / R&D
The average Vacancy Rate was 5.2% in the St. Louis metro
- The St. Louis metro had the fourth lowest vacancy in the nation and the fifth lowest in the Midwest.
- Vacancy in the St. Louis metro declined by 50 basis points.
- The St. Louis metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 21.9% in the St. Louis metro
- Vacancy in the St. Louis metro fell by 90 basis points.
- Vacancy is expected to finish 2023 at 22.3% in the St. Louis metro.
Retail
The average Vacancy Rate was 13.7% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 20 basis points.
- The St. Louis metro had the highest vacancy level since year-end 1994.
- Vacancy is expected to finish 2023 at 13.2% in the St. Louis metro.
RENT
Apartment
The average Asking Rent was $1,179 in the St. Louis metro
- Rent in the St. Louis metro was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $1,194 in the St. Louis metro.
Distribution / Warehousing
The average Asking Rent was $5.26 in the St. Louis metro
- Rent in the St. Louis metro was up 1.2% from Q1 2023.
- Rent has risen in every quarter for the past three years in the St. Louis metro.
- Rent is expected to finish 2023 at $5.44 in the St. Louis metro.
Flex / R&D
The average Asking Rent was $8.63 in the St. Louis metro
- Rent in the St. Louis metro was up 0.9% from Q1 2023.
- Rent has risen in every quarter for the past three years in the St. Louis metro.
- Rent is expected to finish 2023 at $8.92 in the St. Louis metro.
Office
The average Asking Rent was $22.94 in the St. Louis metro
- Rent in the St. Louis metro was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $23.06 in the St. Louis metro.
Retail
The average Asking Rent was $16.01 in the St. Louis metro
- Rent in the St. Louis metro was down 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $16.12 in the St. Louis metro.