Elk Grove Village industrial park reaches new low in vacancy
The vacancy rate for industrial properties in Elk Grove Village has reached another all-time low.
Only 2.6 percent of industrial properties were vacant during the second quarter of 2018, according to a Colliers International report. The previous low was 2.8 percent in the first quarter of this year.
The village's business park accounts for about half the industrial space in the O'Hare International Airport market, which currently has a 3 percent vacancy rate.
Village officials consider a 5 percent vacancy rate or less to be essentially full when considering that businesses are moving in and out of properties.
"Business is booming in Elk Grove Village -- this is the lowest recorded vacancy rate in our history, and we're also continuing to see heavy private sector investment back into the business park." Elk Grove Village Mayor Craig Johnson said in a news release.