Airport O'Hare International Airport
Total Cargo (millions of U.S. tons) 1.90
TEU Volume - 2017 (millions) N/A
Major Highways I-90, I-94, I-55, I-57, I-80, I-290, I-294
Number of Intermodal Rail Hubs 21
Number of Class I Rail Lines 6
What is the term of a typical lease? 3-5 years
How is the rent quoted? Net annual
What is the tenant's option for termination or break? Typically, the tenant does not have the right to terminate the lease.
Does the tenant have the option to renew? What is the length of the typical option? Yes, the tenant has the right to renew, but the term varies.
How is the rent determined at renewal? Rents are determined by market rent at renewal and are generally negotiated 3-6 months in advance of lease expiration.
What is the typical rent-free period, if any? Rent abatements exist but they are becoming less common.
What is the typical rent escalation? 2%-3%
Does the tenant have the right to sublet? Yes, with the landlord's approval.
What is the average rent for a warehouse greater than 50K sq. ft.? $3.50 to $4.50 per sq. ft. per year
What is the average rent for a manufacturing facility greater than 50K sq. ft.? Similar to warehouse
Is there a rent review during the lease? No
What are the average service charges (OPEX)? $2.00-4.00 per sq. ft. per year
Who is responsible for the service charges? Tenant
What are the average taxes paid on the lease? $1.50-$2.50 per sq. ft. per year
Who is responsible for the property taxes? Varies from deal to deal
Who is responsible for the utilities? Varies from deal to deal
Who is responsible for the fit-out costs, if any? Varies from deal to deal
What is the typical security deposit? 1-3 months, typically
How is car/truck parking paid? Included in the rent
Any other occupancy costs? N/A
What is the terminology of the purchase agreement? Purchase and Sale Agreement
What is the average cost? Varies, but typically $40-$60 per sq. ft.
What is the agency fee and who pays? 3%-6% paid by seller
What is the typical LTV? 75%-80%
What is the average borrowing rate? 4%-5%
What is the mode of payment? Part of the payment is made when the transaction contract is signed and the remainder is paid when the transaction is completed 30-45 days later.
What are the average transaction (closing) costs? Transfer tax of 1%-2% plus attorney and title fees.
What is the average clear ceiling height? 28' -36'
Average number of dock doors? 1 - 2 / 1,000 sq. ft.
Typical column spacing? 50' x 50'
Average parking ratio? 1 - 2 / 1,000 sq. ft.
Sprinkler system? ESFR
What is the typical power supply? Depends on use of space and property