The 2025 Midwest Industrial Summit, hosted by Bisnow on November 20 at Innovation Park in Libertyville, Illinois, brought together over hundreds of leaders in industrial real estate — developers, investors, brokers, and public officials — to tackle the future of logistics, cold storage, capital markets, and industrial development across the Midwest. The event was made possible by a number of sponsors, including Wintrust Community Banks and Lake County Partners.
While topics spanned from macroeconomic outlooks to advanced automation and cold-chain logistics, one theme resonated loud and clear throughout the day: Lake County is the Midwest’s premier destination for industrial investment.
The Energy of a Sector in Transformation
From the opening keynote to the networking reception, the summit made it clear that the industrial sector remains the most dynamic component of commercial real estate.
Panelists agreed that demand for high-quality, strategically located industrial space continues to outpace supply, especially in mature markets like Chicagoland. However, with land constraints and rising costs, many are looking northward to Lake County as the logical next frontier.
“Lake County offers the best of both worlds,” noted Ron Lanz, the Senior Director of Business Development at Lake County Partners, and an attendee of the event. “You’re still part of the Chicagoland market, and you can maximize accessibility and workforce while tapping into a business-friendly environment. That’s an unbeatable combination right now.”
Key Takeaways from the Bisnow Midwest Industrial Summit
The event’s agenda featured several high-impact panels that captured the pulse of the industry:
1. The State of the Midwest Industrial Market
Experts emphasized resilience despite national headwinds. Vacancy rates in the Chicago MSA hover around historic lows, and rents are still trending upward. Suburban and exurban submarkets are showing strength, particularly in Lake County, McHenry County, and southeast Wisconsin.
Panel discussions made it clear that companies aren’t just chasing cheaper land anymore. They’re chasing connectivity — logistics access, workforce pipelines, and the ability to deliver next-day or even same-day service to Chicago and Milwaukee. Fortunately, this is exactly what Lake County delivers.
2. Capital Markets and Finance Outlook
While rising interest rates have recalibrated some investor expectations, industrial remains a favored asset class among lenders. Lake County’s fundamentals, like low vacancy, high absorption, and a growing roster of national tenants, make it a top pick for institutional capital seeking stability with upside potential.
3. Cold Storage and Innovation
As food, pharmaceutical, and e-commerce supply chains modernize, demand for cold and temperature-controlled space has exploded. Developers cite Lake County’s proximity to O’Hare, Milwaukee’s General Mitchell Airport, and major interstates, including I-94, Route 41, and Route 60, as ideal for this niche.
The bottom line is, Lake County is perfectly positioned for the cold chain revolution because it’s close enough to serve two major metros, with the land and infrastructure to support state-of-the-art facilities.
Lake County Takes Center Stage
As attendees explored Libertyville’s Innovation Park, many saw firsthand the potential that Lake County offers. Once a corporate campus, the site has been transformed into a vibrant mixed-use innovation hub—proof that adaptive reuse and industrial reinvention can coexist. It is now owned by R2, in partnership with JDI Realty.
“Libertyville has a highly specialized employment base anchored by metal fabrication, machinery production, plastics and rubber manufacturing, and advanced technical and electronic products. This industrial strength continues to attract talent from across the country, supported by the growth of companies like Flex North America, the third expansion of AHEAD, and the ongoing success of Valent BioSciences,” notes Libertyville Mayor Donna Johnson. “The community is recognized not only for its skilled and technical workforce, but also for the exceptional quality of life that keeps both employers and employees rooted in Libertyville.”
Throughout the day, local economic development and industry leaders engaged to share update on major projects and incentive opportunities. Their message was clear: Lake County is ready for growth, and it’s actively welcoming investment.
Among the top factors that have made Lake County such a desirable location for business:
- A Prime Logistics Location – Nestled between Chicago and Milwaukee, Lake County gives businesses unmatched access to I-94 and U.S. 41, two of the region’s most critical north-south arteries. Distribution centers in places like Waukegan, Gurnee, and Grayslake can reach more than 9 million consumers within a 60-mile radius. It’s no wonder leading companies like Sysmex America, Medline Industries, and Fortune Brands Industries have expanded in the community in recent months. The County’s combination of highway access, available land, and proximity to major population centers makes it a sweet spot for logistics and manufacturing operations alike.
- Tight Vacancy and Rising Demand – According to recent data, Lake County’s industrial vacancy rate hovers around 6.2%. Rents continue to climb, and are up roughly 3.5% year-over-year, driven by steady absorption of Class A space.
- Pro-Business Climate and Incentives – Panelists repeatedly highlighted Lake County’s business-friendly environment. Through Lake County Partners, companies can access a range of incentives including but not limited to: 1) Enterprise Zones and EDGE tax credits to offset startup or expansion costs; 2) Industrial Revenue Bonds (IRBs) for low cost financing; and, 3) workforce development partnerships with Lake County Workforce Development and the College of Lake County to train and upskill talent. These tools, combined with collaborative local governments and a response permitting process, have made Lake County one of the Top 10 Counties for Economic Development in the U.S. according to Site Selection.
- Workforce and Quality of Life – Industrial growth depends on people—and Lake County delivers. With a population exceeding 700,000 and a labor force of 370,000+, employers can draw from a skilled and educated talent pool. The region’s quality of life, top-ranked schools, vibrant downtowns, forest preserves, and proximity to Lake Michigan help employers attract and retain talent. As Kevin Considine, LCP’s president and CEO and event speaker noted, “You can run your operation here knowing that your employees will be happy to live nearby. That’s a major competitive edge.”
Lake County Is Picking Up Momentum
The event closed with a forward-looking discussion on what’s next for Midwest industrial real estate. While national trends point toward normalization after the pandemic-driven boom, the consensus was optimistic.
Lake County, specifically, is poised for sustained expansion. With its strategic location, infrastructure capacity, and coordinated economic development efforts, it’s ready to accommodate the next wave of advanced manufacturing, innovation and logistics space.
Local officials emphasized the County’s commitment to sustainability; the community is actively advocating for modern, energy-efficient facilities and green infrastructure. Developers echoed this sentiment, noting that tenants increasingly prioritize environmentally-conscious locations.
“Lake County isn’t just growing in a haphazard way,” said Steve DeBretto, Lake County Partners’ Director of Strategic Initiatives. “Local leaders are ensuring that it’s growing strategically, by balancing industrial strength with community and environmental responsibility. That’s what will sustain it long-term.”
The day buzzed with energy during coffee breaks and the post-event reception. Attendees shared deals in progress, discussed future site plans, and explored collaboration opportunities. Brokers spoke of surging interest in off-market properties, while investors compared notes on speculative development across Lake County.
Why This Matters for the Industrial Real Estate Community
For developers and investors, the Bisnow Midwest Industrial Summit reinforced what the numbers already show: the industrial sector remains a pillar of strength in commercial real estate.
Lake County’s rise represents a natural extension of the Chicago industrial core, and it’s unsurprising given the area’s accessibility, affordability, innovation, and long-term growth potential.
As industrial assets evolve—from e-commerce fulfillment centers to advanced manufacturing hubs—the County’s balance of infrastructure, workforce, and land availability positions it as one of the most compelling submarkets in the Midwest.
“Whether you’re an investor seeking stable returns, a developer eyeing the next growth corridor, or a company ready to expand operations, Lake County offers the access, infrastructure, and community support to make it happen,” notes Ron Lanz, Lake County Partners’ Senior Director of Business Development.