3rd Qtr 2010 Market Stats

WAREHOUSE & DISTRIBUTION
CENTER TRANSACTIONS
(July 2010-September 2010)
Transaction/Client Name City State Size
Undisclosed Tenant (L) University Park IL 1,350,000
True Value Co. (R) Harvard IL 1,213,373
Private Investor (I) Chicago IL 683,700
Jacobson Shorewood IL 507,187
Midwest Air Technologies Romeoville IL 506,777
Hosley International Inc. (R)(L) Portage IN 376,000
JIT Packaging (L) Schaumburg IL 304,800
Jel Sert Aurora IL 304,482
Liquid Container (R) Sturtevant WI 300,400
California Cartage (L) Alsip IL 284,356
Target Corp. Chicago IL 281,736
Madison Warehouse Joliet IL 266,680
HOBO Bridgeview IL 254,425
American Tire McCook IL 233,669
Treasures Media Inc. Mt. Pleasant WI 210,870
Weber Stephens Products Co. (L) Elgin IL 174,315
Dynamic Manufacturing Corp. (L) Hillside IL 173,000
Siwin Channahon IL 167,282
International Transload Logistics Elwood IL 160,000
McCollister’s Transportation Group West Chicago IL 150,000
Office Depot Inc. (R)(L) Lansing IL 141,904
Allegheny Technologies Bolingbrook IL 138,741
Wismarq Corp. (R) Franklin Park IL 111,588
Supervalu (R) Franklin Park IL 109,102
FedEx Elk Grove Village IL 104,619
Private Investor (I)(L) Bolingbrook IL 102,936
Rapid Pallets Bridgeview IL 101,140
Supreme Lobster & Seafood Co. Bolingbrook IL 101,088
Cloud Packaging Solutions LLC Des Plaines IL 98,500
Chicago Sustainable Mfg. Center Chicago IL 93,650
Colour Concepts Elk Grove Village IL 93,380
The Rock Spot Chicago IL 92,859
Chamberlain Industries (R) Addison IL 74,819
Logoplaste Plainfield IL 73,726
Glentronics Inc. Lincolnshire IL 71,556
Nextep Inc. Bolingbrook IL 71,400
Schnidt Cartage Inc. (R)(L) Hanover Park IL 68,208
Reusable Container Co. (R) Bolingbrook IL 64,101
(R) Renewal (L) Lee & Associates Transaction (I) Investment
Visit us at www.lee-associates.com
Industrial Market Report
ChicagoChicago
Q3
2010

Lee & Associates Chicago - Industrial Market Report
QUARTER IN REVIEW
CENTRAL DUPAGE INDUSTRIAL
CENTRAL KANE INDUSTRIAL
NORTH CHICAGO INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
HISTORICAL VACANCY RATES
The vacancy rate decreased slightly this quarter due to
building sales in Elmhurst and Oak Brook and leases in
Lombard.
The vacancy rate remained the same this quarter. Smaller
spaces came on the market in St. Charles and West Chicago.
The vacancy rate decreased this quarter due to several
sales and leases under 50,000 SF.
The Central DuPage submarket includes Downers Grove, Elmhurst,
Glen Ellyn, Lombard, Oak Brook, Oakbrook Terrace, Villa Park, and
Wheaton.
The Central Kane Industrial submarket is comprised of both
manufacturing and distribution companies. This market has always
been attractive to manufacturing companies due to the low cost of
power in towns such as Batavia, Geneva, and St. Charles. This market
also offers a strong and affordable labor forct along with low DuPage
County and Kane County property taxes. Over the last several years,
as expansion has pushed westward, numerous developments in this
markethaveabsorbedalargeportionofavailablelandparcelswhich,
in turn, has pushed land and building prices on an upward trend.
This submarket offers excellent access to I-88 as well as a number of
major throughfares such as Route 64, Route 59, and Route 31.
The North Chicago submarket has the following boundaries:
North-Devon Avenue; South-I-290; East-Lake Shore Drive; West-
Cumberland Avenue.
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Q4 2009 Q12010 Q22010 Q32010
8.8%
8.2%
7.9%
8.3%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
13.0% 13.5% 12.4%12.4%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
10.2% 10.3% 10.4%10.5%
2
Q3
2010

QUARTER IN REVIEW
SOUTH CHICAGO INDUSTRIAL
I-55 NORTH CORRIDOR INDUSTRIAL
I-55 SOUTH CORRIDOR INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
The vacancy rate increased this quarter due to a number of
spaces over 100,000 SF coming on the market.
The vacancy rate decreased this quarter due to several leas-
es over 100,000 SF in Bridgeview and McCook.
The vacancy rate increased slightly this quarter due to sev-
eral spaces coming on the market in Bolingbrook, Rome-
oville and Woodridge.
The South Chicago Submarket is a large and diverse submarket
that consists of a wide variety of facility types by both age and
functionality. There continues to be strong demand for functional
buildings with good highway access. Demand generally decreases
as you get further away from downtown Chicago, especially along
I-94 and I-57. Most users in this submarket are located there because
they heavily service the downtown market and because of the
abundant labor supply. There has been, and will continue to be,
significant redevelopment in this submarket; older manufacturing
facilities are being redeveloped for more functional industrial uses,
converted to residential or modified for another commercial use
(self-storage, retail, etc…).
The North I-55 Corridor Submarket is entirely in Cook County and
consists primarily of manufacturing and distribution facilities built
between 1960 and 1980. Most of the users in this submarket are
located there because of the abundant labor supply. Although many
users have moved out of the submarket, absorption has always been
strong and new users continue to move in mainly from Chicago
proper. The submarket itself has very little undeveloped land which
has most recently led to facility teardowns and the construction of
new, high cubed, warehousing facilities in their places. With great
access to Chicago, I-55, I-294 and reasonable taxes for Cook County,
demand in this submarket has remained stable.
The South I-55 Corridor Submarket generally consists of newer “big
box” distribution facilities, with most being developed over the past
ten years. With the proximity to major expressways and the ability to
reach nine states overnight, the Corridor is widely recognized as the
distribution hub of the Midwest. The I-55 Corridor offers low taxes
and an excellent labor force. Most of the product is institutionally
owned and highly sought after in the investment arena.
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
9.6% 9.9%
10.6%
10.3%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
15.8%
14.9% 14.7%
15.1%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
13.4% 13.5% 13.3%13.2%
3
Q1
2009
Q1
2009
Q3
2010

QUARTER IN REVIEW
I-88 CORRIDOR INDUSTRIAL
JOLIET AREA INDUSTRIAL
LAKE COUNTY INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
leases and sales in Aurora including the 304,482 SF sale to
Jel Sert.
The vacancy rate decreased slightly this quarter due to
several deals over 100,000 SF in Elwood, Shorewood and
Channahon.
deals under 50,000 SF.
The I-88 Corridor Submarket has a high concentration of properties
that are located in both DuPage and Kane County. This submarket
consists of both manufacturing and modern “big box” distribution
centers, most of which offer immediate access to I-88. The majority
of the development has taken place between the 1970’s to the
present. The I-88 Corridor continues to attract companies that are
looking for affordable buildings, available land sites, a strong labor
force and property tax relief from Cook County. This submarket
also offers excellent access to all major expressway systems in the
greater Chicagoland area.
The Joliet area industrial submarket generally consists of older
manufacturing facilities and newer “big box” distribution facilities
that have recently been developed. The Joliet area has seen
increased interest from developers because of low land costs and
the lack of land in neighboring submarkets. The Joliet area will
see substantial growth in the years to come. Along with excellent
proximity to major expressways the Joliet area also offers an
excellent labor force.
Vacancy rates have climbed to substantially since last quarter
primarily due to the impact of the soft economy and downturn in the
housing markets. We have seen some uneasiness due to the stress in
the credit markets, and the Lake County Industrial Real Estate market
activity remains only moderate.
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
15.5% 14.9% 14.5%
15.0%
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
Q4 2009 Q12010 Q22010 Q32010
19.5%
20.0%
19.3%
19.9%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
11.8%
12.7% 13.4%
13.6%
4
Q3
2010

QUARTER IN REVIEW
MCHENRY COUNTY INDUSTRIAL
NORTH COOK INDUSTRIAL
NORTH DUPAGE INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
The vacancy rate decreased this quarter due to sales and
leases in Algonquin, Cary and Lakemoor.
The vacancy rate increased this quarter due to a number
of spaces coming on the market in Niles and Northbrook.
The vacancy rate increased this quarter due to several
spaces coming on the market in Addison, Carol Stream and
Glendale Heights.
The McHenry Submarket includes the cities of Crystal Lake, Harvard,
McHenry, and Woodstock.
The North Cook submarket is defined as I-294 on the west, Sheridan
Road on the east, Lake Cook Road on the north and Devon Avenue
on the south. Typically, this submarket sees strong activity from
users in the 30,000 to 70,000 square foot range, the majority of
which are entrepreneurial and own their facility.
The North DuPage submarket is generally comprised of newer
distribution facilities, the majority of which have been developed
over the past fifteen (15) years. This market has attracted many
light manufacturers and assembly operations as well. In addition
to owners/users, this submarket remains highly sought after by
institutional owners who maintain a very strong presence here.
Many facilities offer modern “big box” amenities such as exterior
docks, ESFR sprinkler systems, 30’ warehouse clearance and
abundant parking. These benefits combined with lower property
taxes have lured many companies from the nearby O’Hare and Cook
County submarkets.
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
9.2%
10.1%
8.4%
9.3%
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Q4 2009 Q12010 Q22010 Q32010
7.2%
7.7%
8.6%8.2%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
11.7%
12.1%
13.1%
12.9%
5
Q3
2010

QUARTER IN REVIEW
NORTH KANE INDUSTRIAL
NORTHWEST COOK INDUSTRIAL
O’HARE INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
deals in Elgin including the 174,315 SF lease to Weber Ste-
phens Products Company.
leases in Wheeling and Schaumburg including a 304,800 SF
lease to JIT Packaging.
The vacancy rate remained the same this quarter.
The North Kane submarket had historically attracted owner/
operators of manufacturing /assembly and value added production
operations. Over the past 5-10 years this submarket has experienced
tremendous growth primarily along the Randall Road corridor
at I-90. Seven (7) new business parks have been developed to
accommodate the continued growth of existing user profiles as well
as modern high cube warehouse/distribution requirements. This
submarket will continue to flourish due to the long term availability
of vacant land, low Kane County real estate taxes, and a diversified
labor force.
The Northwest Cook Submarket is mainly comprised of three
different product types: industrial distribution facilities located
close to I-90; manufacturing facilities; and flex/office service center
facilities primarily located in Northern Schaumburg and Mount
Prospect. Due to higher Cook County taxes companies that have
heavier distribution needs have opted to relocate to Kane and
DuPage counties where “big box” facilities are more prevalent.
Most of the industrial buildings have higher office percentages
and lower ceiling clearances averaging to be 18’ feet. Northwest
Cook also benefits from having one the largest base of flex/office
service center facilities in the Chicagoland area. Many companies
are attracted to the Northwest Cook area due to its location, at the
intersection of two major arterial expressways I-90 and I-355/RT 53,
and its proximity to O’Hare airport.
The next 24 months will prove critical for the O’Hare submarket with
regards to industrial market sales and lease values. If vacancy levels
remain rleatively high, we project it to remain a “tenants’ market”.
However should vacancy levels decrease, we recommend tenants
should aggressively pursue new space or consider renewals in the
market. Given the current market dynamics, we anticipate vacancy
levels and lease rates to start firming up over the next few years.
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
12.2% 12.3%
11.9%
13.0%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
12.8% 12.7% 12.1%12.6%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
14.8%
15.6%
15.9%15.9%
6
Q3
2010

QUARTER IN REVIEW
SOUTH COOK INDUSTRIAL
SOUTH WILL INDUSTRIAL
WEST COOK INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
The vacancy rate increased this quarter due to several
spaces coming on the market in Alsip, Chicago Heights and
Dolton.
The vacancy rate increased this quarter due to several spac-
es coming on the market in Frankfort and Tinley Park.
The vacancy rate increased this quarter due to several spac-
es coming on the market in Broadview, Franklin Park and
Schiller Park.
This submarket is home to 8 rail intermodal & carload rail yards. Due
to the continued demand for rail-served facilities, or facilities located
in close proximity to a rail yard, the immense rail infrastructure
within this submarket will continue to be a valued attribute.
The South Will Submarket consists mainly of facilities that were built
since 1980. It has seen a dramatic increase in the number of “Big
Box” 300,000 SF plus distribution users over the last several years.
The lowest property taxes and the lowest land prices in Suburban
Chicagoland, along with great multi-state transportation access by I-
80, are all major reasons why larger users have been attracted to the
submarket. This submarket also consists of smaller manufacturing
and distribution companies that service the immediate areas or
those companies that have moved out of the South Cook Submarket
for more functional buildings with a more favorable tax structure.
Strong population growth, great highway access, low tax rates
and an increasing labor market poise the South Will Submarket for
continued growth and demand.
The West Cook submarket includes the communities of Bellwood,
Broadview, Cicero, Forest Park, Franklin Park, Hillside, Maywood,
Melrose Park, Northlake, River Grove, and Schiller Park.
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
11.6% 11.8%
12.6%
12.3%
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
Q4 2009 Q12010 Q22010 Q32010
18.0% 18.3%
19.9%19.8%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
13.1%
14.2%
13.7%13.4%
7
Q3
2010

QUARTER IN REVIEW
INDIANA INDUSTRIAL
WISCONSIN INDUSTRIAL
OVERALL CHICAGO INDUSTRIAL
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
ABSORPTION
VACANCY
ASKING RENTS
The vacancy rate increased this quarter due to space com-
ing on the market in East Chicago and Gary.
The vacancy rate decreased this quarter due to building
sales in Mt. Pleasant including the 210,870 SF sale to Trea-
sures Media Inc.
Overall vacancy in the Chicago market remained the same
this quarter. A few submarkets are starting to see a de-
crease in vacancy at a very slow pace.
The Indiana submarket has been historically dominated by the
steel industry and its related older crane and heavy manufacturing
facilities. Over the past several years, demand for these specialized
facilities has grown weaker. However, demand has grown
increasingly stronger for modern, functional distribution and light
manufacturing facilities and there has been an increase in the
number of new industrial developments to satisfy this demand.
In addition to lower land prices, Indiana offers several economic
advantages over Illinois, including tax abatement, lower wage rates,
employee benefit savings, and utility savings.
The Wisconsin submarket consists of Racine and Kenosha Counties
and includes the communitites of Bristol, Kenosha, Mt. Pleasant,
Pleasant Prairie, Walworth, and Yorkville. Activity has started to pick
up with a few lease extensions and new prospects in the market.
Speculative development is restricted to Towne Investments with
two speculative buildings in Pleasant Prairie, WI (51,000 SF and
82,000 SF) and HSA Commercial Real Estate with two speculative
buildings in Mt. Pleasant (125,000 SF and 321,600 SF).
The Chicago industrial market extends out west to I-39 and includes
Racine and Kenosha Counties in Wisconsin and Lake and Porter
Counties in Indiana.
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
16.1%
17.0%
15.6%15.5%
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
Q4 2009 Q12010 Q22010 Q32010
20.8%
18.3%
16.2%
18.0%
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q4 2009 Q12010 Q22010 Q32010
12.5%
12.8% 12.9%12.9%
8
Q3
2010

Chicago
AVAILABLE
RECENT TRANSACTIONS
2727 Higgins Rd.-Elk Grove Village 2521 State St.-Chicago Heights 665 Armory Dr.-South Holland
14550 Park Ave.-Dolton
1245 Humbracht Cir.-Bartlett5800 7th Ave.-Kenosha, WI1117 Ellis Ave.-Bensenville
1365-1375 Mitchell Blvd.-Schaumburg 2581-2589 Technology Dr.-Elgin 10441 Beaudin Blvd.-Woodridge
7850 Quincy St.-Willowbrook 490 Windy Point Dr.-Glendale Heights
T5 lighting in production/warehouse area. 6” concrete
warehouse floors. Expansion warehouse/office area avail-
able at 2424 Touhy directly west of property.
AVAILABLE SF: 181,400
LEASE RATE: $4.25 Net
SALE PRICE: $7,300,000
UP and CN rail served. Space has four 10-ton bridge
cranes, seven 5-ton gantry cranes, one 15-ton bridge
crane, three 2-ton bridge cranes and three 2-ton job
cranes.
LEASE RATE: $4.50 Gross
SALE PRICE: Not For Sale
Available for sale or lease. Divisible to 16,021 SF.
SALE PRICE: $850,000
2004 construction in Brewster Creek Business Park. Du-
Page County location. 7% sales tax in Bartlett. Street visi-
bility-front unit.
Located minutes away from the Elgin/O’Hare Ex-
pressway. Well maintained, extremely functional
warehouse/distribution building has excellent
dock ratio, good clear height, Canadian Pacific rail
service. Trailer and auto parking are expandable.
Upgraded T5 lighting.
LEASED SF: 304,800
TENANT: JIT Packaging
Chicago’s premier industrial park. Great visibility
from I-55. Access via Joliet Road and Lemont Road.
LEASED SF: 20,167
TENANT: Turano Bakery
Warehouse locker rooms. Fully air-conditioned ware-
house, 7 roof-top units. Sublease opportunity through
11/30/2016.
Readily divisible to three units. Fenced outdoor storage.
Good loading capabilities. DuPage County taxes.
1/2 mile to I-80/Halsted full interchange. 1.5 miles to the
main entrance gate of the CN Intermodal. Class 6B real es-
tate taxes (transferable). Fenced trailer storage lot.
LEASE RATE: Not For Lease
Ideal for warehouse/distribution. Easy access to major
expressways (I-90/I-290/I-294/I-355). Low DuPage County
real estate taxes. Immediate occupancy available.
Concrete, glass and block construction. Roof-mounted
HVAC units (gas fired). Sprinklered building. Floor drains
throughout. Power and compressed air distribution.
Strategic location midway between Chicago and
Rockford. 25 minutes to O’Hare International Air-
port. In the Chicago Northwestern Golden Corri-
dor of Technology and Commerce. Abundant and
diverse labor pool. Low Kane County taxes and a
positive business climate.
LEASED SF: 62,792
TENANT: Suzlon Wind Energy Corp.

* The property information/detail contained herein has been provided by the seller/lessor or has been obtained from other sources believed
to be reliable, and Lee & Associates of Illinois, LLC has not independently verified such information’s accuraccy. Lee & Associates, LLC makes no
representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information provided
herein nor the condition of the property and expressly disclaims all such warranties, including but not limited to the implied warranty of suit-
ability and fitness for a particular purpose. Buyer/Lessee should perform its own due diligence regarding the accuracy of the information upon
which buyer/lessee relies when entering into any transaction with seller/lessor herein. Furthere, the information provided herein, including any
sale/lease terms, are being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without
notice.
LEE & ASSOCIATES YOUR INDUSTRIAL TEAM
Michael Androwich
Principal
Steve Bass
Senior Associate
Justin Fierz
Principal
Jeff Galante
Principal
John Sharpe
Principal
Brian Vanosky
Principal
Walter Murphy
Principal
Chris Nelson
Principal
8755 W. Higgins Rd. Suite 1000
Chicago, IL 60631
Phone: 773-355-3000
Fax: 773-693-9921
10
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Scott Anderson
Vice President
Nick Eboli
Senior Associate
Sergio Chapa
Senior Associate
Jeff Janda, SIOR
Principal
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Principal
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Senior Associate
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Principal
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Principal
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Principal
Terry O’Hara
Senior Vice President
Terms and Definitions
Absorption: Net change in occupied space over a period of
time.
Vacancy Rate: Percentage acheived by dividing vacant square
footage by total inventory square footage.
Inventory: Existing industrial buildings over 10,000 Square Feet.
Industrial Building: Facility used for manufacturing, warehouse
and/or distribution with less than 50% office space.
Paul Tesdal
Senior Associate
ABOUT
ORIGIN & PHILOSOPHY
THE LEE ADVANTAGE
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Vice President
John Cassidy
Principal
Rick Delisle
Principal

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