Insights
Illinois
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Apartment
The average Vacancy Rate was 5.2% in the Chicago metro
- Vacancy in the Chicago metro drifted downward by 10 basis points.
- The Chicago metro had the lowest vacancy level since Q1 2019.
- Vacancy is expected to finish 2022 at 5.0% in the Chicago metro.
Distribution / Warehousing
The average Vacancy Rate was 7.4% in the Chicago metro
- Vacancy in the Chicago metro declined by 50 basis points.
- The Chicago metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 7.0% in the Chicago metro.
Flex / R&D
The average Vacancy Rate was 7.2% 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 has been in decline for six consecutive quarters.
- The Chicago metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 18.1% in the Chicago metro
- Vacancy in the Chicago metro declined by 90 basis points.
- The Chicago metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 18.8% in the Chicago metro.
Retail
The average Vacancy Rate was 12.4% in the Chicago metro
- No vacancy change since year-end 2021 in the Chicago metro.
- The Chicago metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 12.0% in the Chicago metro.
RENT
Apartment
The average Asking Rent was $1,688 in the Chicago metro
- Rent in the Chicago metro was down 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $1,731 in the Chicago metro.
Distribution / Warehousing
The average Asking Rent was $5.70 in the Chicago metro
- Rent in the Chicago metro was up 1.4% from year-end 2021.
- Rent Has risen for seven consecutive quarters in the Chicago metro.
- Rent is expected to finish 2022 at $5.86 in the Chicago metro.
Flex / R&D
The average Asking Rent was $8.91 in the Chicago metro
- The Chicago metro had the second fastest rent growth in the nation, behind only San Jose.
- Rent Has risen for six consecutive quarters in the Chicago metro.
- Rent is expected to finish 2022 at $9.14 in the Chicago metro.
Office
The average Asking Rent was $32.00 in the Chicago metro
- Rent in the Chicago metro was up 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $32.06 in the Chicago metro.
Retail
The average Asking Rent was $20.83 in the Chicago metro
- Rent in the Chicago metro was up 0.2% from year-end 2021.
- Rent is expected to finish 2022 at $20.92 in the Chicago metro.
VACANCY
Apartment
The average Vacancy Rate was 4.0% in the St. Louis metro
- Vacancy in the St. Louis metro drifted downward by 30 basis points.
- The St. Louis metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 4.2% in the St. Louis metro.
Distribution / Warehousing
The average Vacancy Rate was 8.4% in the St. Louis metro
- Vacancy in the St. Louis metro drifted downward by 30 basis points.
- The St. Louis metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 8.0% in the St. Louis metro.
Flex / R&D
The average Vacancy Rate was 11.2% in the St. Louis metro
- Vacancy in the St. Louis metro fell by 60 basis points.
- The St. Louis metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2022 at 10.6% in the St. Louis metro.
Office
The average Vacancy Rate was 18.7% in the St. Louis metro
- Vacancy in the St. Louis metro fell by 60 basis points.
- The St. Louis metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 18.8% in the St. Louis metro.
Retail
The average Vacancy Rate was 13.3% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 10 basis points.
- The St. Louis metro had the highest vacancy level since Q2 2010.
- Vacancy is expected to finish 2022 at 13.2% in the St. Louis metro.
RENT
Apartment
The average Asking Rent was $1,101 in the St. Louis metro
- Rent in the St. Louis metro was up 4.2% from year-end 2021.
- St. Louis metro had its fastest rent rate of increase since Q2 1998.
- Rent is expected to finish 2022 at $1,137 in the St. Louis metro.
Distribution / Warehousing
The average Asking Rent was $4.54 in the St. Louis metro
- Rent in the St. Louis metro was up 0.9% from year-end 2021.
- Rent is expected to finish 2022 at $4.68 in the St. Louis metro.
Flex / R&D
The average Asking Rent was $7.86 in the St. Louis metro
- The St. Louis metro had the fastest rent growth in the Midwest region, tenth most rapid in the nation.
- St. Louis metro had its fastest rent rate of increase since Q3 2009.
- Rent Has risen for six consecutive quarters in the St. Louis metro.
Office
The average Asking Rent was $22.58 in the St. Louis metro
- Rent in the St. Louis metro was up 0.5% from year-end 2021.
- Rent is expected to finish 2022 at $22.59 in the St. Louis metro.
Retail
The average Asking Rent was $15.95 in the St. Louis metro
- The St. Louis metro had the fastest rent growth in the nation.
- Rent is expected to finish 2022 at $15.97 in the St. Louis metro.