Matt Kurucz, Senior Manager, Real Estate Development
Years with Opus: 3
Project Credits: Paragon Business Park, 1325 Remington, North Aurora II Spec Industrial, 10 Falcon Court, I-88 Gateway Logistics Center
Article: Opus’ Kurucz: Overbuilding Not an Issue in Chicago Industrial Market [RE Journals]
- There have been plenty of sales and leasing activity in the Chicago industrial market, but there’s still a good demand for modern industrial facilities, particularly on the I-55 corridor.
- “This is a good time to be building. This time around is different from the last peak of the market, back in 2007 and 2008, prior to the Great Recession. There are market restraints in place now in terms of spec building. There is not the fear of seeing the market become overbuilt in the same way we saw in 2008.”
- “The general feeling right now is that it doesn’t look like the [political] uncertainty is going to have as much of an impact as was originally thought. Of course, we could be wrong. It’s hard to know what to think every morning when you read the news. But right now, it looks to me like the status quo will continue, and that’s good news for the industrial market.”
- “It was a natural progression to go ahead with building the third [phase at Paragon Business Park]. I believe there will be significant demand for this building. We are one of the few developers and owners in the I-55 corridor who can sell buildings. The I-55 market is dominated by REITs and institutional owners who want to hold onto their buildings long-term. By being able to sell our buildings, we are filling a niche.”