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Markets · Data centers · Air cargo
Chicago industrial land: data center, port and air-cargo demand
Chicago carries the highest data center asking rents in North America at $200 to $230 per kW per month for 250 to 500 kW requirements. Data as of Q2 2026. Vacancy of 2.2% is the highest among primary markets yet still effectively tight, and no contiguous availability above 5 MW is expected during 2026.
Key takeaways
- Data center vacancy is 2.2%, the highest among primary markets and still effectively tight (Q2 2026).
- Asking rent of $200 to $230 per kW per month for 250 to 500 kW is the highest in North America (Q2 2026).
- No contiguous availability above 5 MW is expected during 2026.
- O'Hare airport-adjacent rent grew 66% from 2019 to 2024 against 47% market-wide.
A quarterly brief on powered land, port capacity and air-cargo gateways, plus the Powered Land and Gateway Pricing Benchmarks data file.
- Dollar per megawatt and dollar per acre benchmarks by market, with the substation-distance and voltage premiums applied
- Every committed United States port capacity opening from 2026 through 2035, with cost, TEU and date
- Airport-adjacent rent premiums by gateway, and the constraint map that drives them
- The named project pipeline: site, megawatts, developer, power source, status
- Sources and periods for every cell. Nothing unattributed.
Chicago in numbers
| Metric | Value | Period |
|---|---|---|
| Data center vacancy | 2.2% | Q2 2026 |
| Data center asking rent, 250 to 500 kW | $200 to $230 per kW per month | Q2 2026 |
| Contiguous availability above 5 MW | None expected | 2026 |
| Industrial vacancy | 4.8% | Q2 2026 |
| Industrial net absorption, year to date | plus 5,135,293 sq ft | Q2 2026 |
| Industrial asking rent | $7.55 per sq ft | Q2 2026 |
| O'Hare airport-adjacent rent growth | 66% against 47% market-wide | 2019 to 2024 |
| Airport submarket rent premium | 47.1% (CBRE older baseline) | CBRE baseline |
What buyers are paying for here
Chicago prices two different scarcities at once, and an owner should know which one applies to the parcel. On the power side, 2.2% vacancy and the highest asking rents in North America sit on top of a market with no contiguous availability above 5 MW expected during 2026.
The roughly 2x substation premium and the roughly 2.4x premium for 230kV or 500kV service are both being paid, but the binding variable is the ComEd delivery date rather than the site attribute, which compresses the gap between a good site and an excellent one.
On the air-cargo side the premium is measurable and local: airport-adjacent rent around O'Hare grew 66% between 2019 and 2024 against 47% market-wide, on top of a documented 47.1% airport submarket rent premium in CBRE's older baseline. Industrial vacancy of 4.8% is the tightest in this coverage set.
Apply the published substation-distance and service-voltage premiums to a parcel in Chicago with the powered land premium calculator.
What is under construction within 100 miles
The defining construction fact in this market is what is not being delivered: no contiguous availability above 5 MW is expected during 2026, against 2.2% vacancy.
Industrial product is absorbing steadily, with plus 5,135,293 square feet of year-to-date net absorption against 4.8% vacancy and $7.55 asking rent as of Q2 2026.
The O'Hare submarket is where measured rent growth concentrates, at 66% from 2019 to 2024 against 47% market-wide.
Named individual data center project sites within 100 miles are not publicly available in the sources behind this page.
The constraint
ComEd power delivery timelines extend to 2032 or later.
That single fact explains both the $200 to $230 per kW per month asking rents and the absence of contiguous availability above 5 MW during 2026. Supply cannot respond to price on any timeline a tenant can wait out.
For a landowner it means an existing service position is the asset. A parcel with power already delivered, or with a queue date inside the decade, is priced against the tightest rent environment in North America. A parcel dependent on a new ComEd delivery is priced against 2032.
Who covers Chicago
Brad Cohen covers Chicago for Landside Partners. Send one parcel and he will return a written read on what it is worth against the demand above, using data as of Q2 2026.
No fee. One parcel. One page. Usually back within five business days.
A quarterly brief on powered land, port capacity and air-cargo gateways, plus the Powered Land and Gateway Pricing Benchmarks data file.
- Dollar per megawatt and dollar per acre benchmarks by market, with the substation-distance and voltage premiums applied
- Every committed United States port capacity opening from 2026 through 2035, with cost, TEU and date
- Airport-adjacent rent premiums by gateway, and the constraint map that drives them
- The named project pipeline: site, megawatts, developer, power source, status
- Sources and periods for every cell. Nothing unattributed.
This research was produced by Landside Partners, a commercial real estate research and advisory firm working with owners of industrial land across North America on data center, seaport and air-cargo demand. To have a specific parcel assessed, contact Brad Cohen at Landside Partners.
Related research
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- Savannah industrial land — Savannah: Ocean Terminal is adding 2.0 million TEU of container-only capacity at a $1.54 billion cost. Data as of Q2 2026.
- Charleston industrial land — Charleston: Charleston Harbor at 52 feet is the deepest on the United States East Coast. Data as of Q2 2026.
- Northern New Jersey industrial land — Northern New Jersey: Record first-half leasing of 17.2 million square feet, including 8.0 million in the second quarter alone. Data as of Q2 2026.
- Houston industrial land — Houston: Plus 11,891,483 square feet of year-to-date industrial net absorption with Project 11 complete. Data as of Q2 2026.
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