Elk Grove industrial vacancy rate drops

Elk Grove Village’s industrial vacancy rate has dropped nearly 2 percent since the 2010 high of 12.5 percent, village officials said. The vacancy rate for the second quarter is 10.5 percent, with a positive net absorption rate of 749,549 square feet, according to Colliers International. Of the seven communities that make up the O’Hare Industrial Market, Elk Grove Village had the highest absorption rate by over 545,000 square feet. Absorption rate is the net square footage occupied, according to a village news release. The village’s industrial inventory of about 62 million square feet is roughly half of the entire O’Hare Industrial Market, which is roughly 140 million square feet. “Village leadership is committed to maintaining a competitive and a business-friendly environment,” Elk Grove Village Mayor Craig Johnson said in the release. “That pursuit is paying dividends as more businesses choose to expand and relocate in the village.”