Southland Development Authority releases market report to encourage investment

The Southland Development Authority recently released a market report to encourage in investment in the 45 cities, villages and other municipalities in Chicago’s south suburbs.

The “2023 Market Report & Prospectus” charts growth, employment, transportation and spending data. Meant to appeal to prospective investors, it suggests that “the south suburbs are on the rise and ripe for new investments.”

“The south suburbs of Chicago have been overlooked for far too long. After decades of private and commercial divestments, big business closures, disparities in government-funded infrastructure and general economic inequality, this Lookbook shines a bright light on the opportunities that are right here in our backyard,” said Bo Kemp, CEO of the Southland Development Authority.

The nonprofit Southland Development Authority, which was launched by business, civic and government leaders in 2019, released the 156-page guide that highlights local real estate opportunities in the Southland between the Indiana state line to the east and Orland Park and Mokena to the west, stretching as far south as Beecher and Peotone and as far north as inner-ring suburbs bordering Chicago like Blue Island, Alsip and Calumet Park. It’s meant to help inform property developers, real estate professionals and business people, guiding them toward potential investments.

The report found office inventory grew by 0.3% or 34,251 square feet to 13.1 million last year. It had an occupancy rate of 94.1% and average rent of $20.24.

Retail space has declined by 0.1% or 21,525 square feet to 42.7 million square feet since 2018. The occupancy rate was 92.2% and the average rent was $15.70.

The Southland has 31,922 residential rental units with an occupancy rate of 95.8% and an average rental rate of $1.48 per square foot. Overall, the Southland has an estimated 750,000 residents or about 500 per square mile.

Industrial space has grown by 7.7 million square feet or 9% to 42.7 million square feet over the past five years. The average occupancy rate is 92.2% while the average rent is $15.70 per square foot.

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