Elk Grove's industrial vacancy rate drops to all-time low

  • The addition of the new Elk Grove Technology Park in 2019 led the village's industrial vacancy rate to rise, but it fell as the 85-acre property began to fill up.

      The addition of the new Elk Grove Technology Park in 2019 led the village's industrial vacancy rate to rise, but it fell as the 85-acre property began to fill up. Mark Welsh | Staff Photographer, 2019

 
Daily Herald report
Updated 1/27/2022 5:07 PM

Elk Grove Village's vacancy rate for industrial properties has reached an all-time low, village officials said.

The industrial vacancy rate dipped to 2.36% at the end of 2021, according to a report issued this month by Colliers, a commercial real estate brokerage firm.

 

During the 2009 recession, the rate reached 12%. It then fell steadily as the economy recovered but rose to 4.3% in 2019 with the addition of 1.2 million square feet at the Elk Grove Technology Park. The rate fell again as space at the new park -- site of the former Busse farm -- was leased by data center operators and other companies, officials said.

Mayor Craig Johnson said the presence of more than 5,600 businesses in town -- and the tax base they represent -- is good news for residents because it means the village can keep taxes and fees reasonable.

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