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CenterPoint’s development teams across the country actively engage with the communities in which we operate, promote sustainable development, and align economic benefits with local priorities. Developers can strike a balance between fostering economic growth and maintaining community well-being, even in areas with restrictions on warehouse developments.
- Michael Brazeal, Manager of Development Transactions, Central Region
CIP: Chicago saw record-breaking warehouse development in 2023. What factors are drove this demand and how are they shaping the region as a distribution hub?
Michael Brazeal: Several factors fueled Chicago’s warehouse development boom in 2023. Some are new, while others are long-standing reasons behind Chicagoland’s emergence as a major logistics hub. On the newer side, the continued growth of e-commerce has led to updated inventory strategies aimed at preventing the supply chain disruptions the nation and the world experienced during the pandemic. Chicagoland’s long-standing advantages include its central U.S. geographic location – within a one-day drive of 75% of the U.S. population – and its large local population, which provides a strong labor pool for distribution and manufacturing sectors.
CIP: With e-commerce growth forecast to continue at a rapid pace, how do you see the demand for logistics space evolving in the next five years?
Michael Brazeal: In the short-term, warehouse demand may slow due to uncertainty surrounding the upcoming election. However, we anticipate demand will rise in several key areas once it passes. Drivers of this growth will include the need for infill warehouse locations, sustainable and green facilities, automated warehousing, and increased cold storage capacity. As available infill sites diminish, demand will likely shift toward redeveloping older properties to meet the modern requirements of today’s tenants.
CIP: As local governments (like Deerfield, IL) restrict warehouse developments, how do you work with communities and policymakers to strike a balance between economic growth and community well-being?
Michael Brazeal: CenterPoint’s development teams across the country actively engage with the communities in which we operate, promote sustainable development, and align economic benefits with local priorities. Developers can strike a balance between fostering economic growth and maintaining community well-being, even in areas with restrictions on warehouse developments. A few of the ways we approach striking that balance include:
CIP: Are you working on any projects you’d like us to highlight?
Michael Brazeal: We have a newly completed 976,954 SF speculative building available for lease at 2903 Schweitzer Road in Joliet, IL in the CenterPoint Intermodal Center. The Class A facility is adjacent to the Houbolt Road Extension bridge, putting it mere minutes from I-80. NAI Hiffman’s Dan Leahy and Adam Roth are representing CenterPoint in that leasing effort, as they do with all CIC – Joliet/Elwood properties.
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