Venture One and BGO Plan 719,200-SF Speculative Industrial Development in Geneva, Illinois

ROSEMONT, Ill. — Venture One Real Estate, in partnership with BGO, announced Oct. 26 plans to begin construction on Venture Park Geneva, a 719,200-square-foot Class A industrial development in Geneva, Illinois. The building will be developed on a speculative basis, and Colliers has been retained to market it for lease.

Venture Park Geneva Site and Building Specifications

Venture Park Geneva will sit on approximately 54 acres at the northeast corner of Kirk Road and Fabyan Parkway in Geneva, within the Fox Valley industrial market. The project is also marketed as VenturePark Geneva.

The single-building facility will feature 40-foot clear heights, 120 dock positions and 555 car parking stalls. The building is designed to accommodate users requiring approximately 400,000 square feet or more, with space available up to the full 719,200 square feet.

The site offers access to I-88 through the full interchange at Farnsworth Avenue and connects to the Central DuPage market.

Venture One Comments on Big-Box Demand

"Demand remains strong for large, modern industrial facilities in highly accessible locations with deep labor pools," said Ryan Stoller, Principal at Venture One. "At the same time, the supply of new big-box product remains limited across the Chicagoland market. Venture Park Geneva will provide users with a state-of-the-art facility in a highly strategic location, together with the flexibility to accommodate a range of large-scale requirements. We are pleased to partner with BGO on the development."

Colliers Retained for Leasing

Brian Kling and Reed Adler of Colliers have been retained to market the property for lease on behalf of Venture One. Additional information is available at www.VentureParkGeneva.com.

BGO's Role in the Partnership

BGO is a global real estate investment management advisor and provider of real estate services. The firm serves more than 750 institutional clients and manages approximately US$100 billion in assets as of June 30, 2026. Its expertise spans office, industrial, multi-residential, retail and hospitality real estate. BGO is part of SLC Management, the alternatives asset management business of Sun Life.

Chicago Industrial Market Context

The announcement comes as Chicago industrial demand has strengthened while new deliveries have slowed. Savills reported 15.8 million square feet of year-to-date absorption through the third quarter of 2026, compared with 1.7 million square feet during the same period in 2025. New deliveries totaled 6.4 million square feet, down 36.1% year over year, while vacancy fell to 6.8% and average rent reached a record $8.47 per square foot.

Other brokerage data shows the same broad trend, though methodologies produce different vacancy figures. Cushman & Wakefield reported 4.7% overall vacancy in the third quarter, 7.5 million square feet of year-to-date net absorption and 40.0 million square feet of year-to-date new leasing activity, up 33.8% year over year. CBRE reported 5.5% vacancy, quarterly absorption of 3.6 million square feet and a 13.2 million-square-foot development pipeline, with speculative projects representing 54% of the total.

The big-box segment is particularly relevant to Venture Park Geneva. Cushman & Wakefield counted 16 leases of at least 500,000 square feet through the third quarter, compared with 10 through year-end 2025.

Fox Valley and Western Suburban Rents

Cushman & Wakefield identified Western Kane County, the submarket most directly relevant to Geneva, as one of Chicago's strongest rent-growth corridors. Asking rents there rose 26.9% year over year to $9.00 per square foot in the third quarter.

Speculative construction accounted for 54% of Chicago's 13.2 million-square-foot pipeline, according to CBRE, while Cushman & Wakefield reported 6.4 million square feet of speculative space under construction, equal to 43.2% of its total pipeline. Elevated construction and borrowing costs have continued to weigh on new development even as tenant demand has improved.

Outlook

Venture Park Geneva adds a large-format, Class A option to the western suburban industrial market at a time when brokerage data shows rising big-box leasing and a slower pace of new deliveries.

Sources

• Venture One Real Estate: Venture One and BGO to Break Ground on 719,200 Square Foot Speculative Industrial Facility in Geneva, Illinois