Steve Grzanich has the business news of the day with the Wintrust Business Minute.

The Chicago-area’s industrial vacancy rate is at a record low, hitting 4.5% at the end of 2022. According to data from Colliers International, reported by Crain’s, that’s more than 1% lower than 2021. The report says developers broke ground on an unprecedented amount of warehouse space last year, with construction starting on 88 local buildings. The hot streak has seen those developers tearing down office campuses to build warehouse space. While demand has slipped, it’s still expected to be enough to fill all that available space.

Also, Chicago’s Northern Trust is cutting jobs. Listen for more below: