Are we at the bottom in the I-55 Corridor? Mid-year statistics seem to imply as much. As of
June 30, 2010, the vacancy rate in the I-55 Corridor stood at 18.59%, up a miniscule 0.07% from
the year end 2009. Some 12.57 million SF of space in 94 buildings remain vacant in the I-55
Corridor. The lack of new spec construction space coming
to market (201,000 SF) and new leases completed totaling
approximately 1.3 million SF, are helping to mitigate the
effects of existing space becoming vacant. The midyear
2010 gross absorption number is approximately 1 million
SF less than the total gross absorption for the first half of
2009. Excluding the approximately 1,000,000 SF of lease
renewals signed in the first half of 2009, the square footage
of new leases completed in 2009 and 2010 are almost
identical. Net absorption for the first half of 2010 was a
barely noticeable 47,320 SF.
Read the Full 2010 I-55 Corridor Midyear Report
