Raise a glass, Chicago, to your new title: craft beer capital of the country.

Craft brewers in the Chicago area occupy an estimated 1.6 million square feet of commercial real estate, more than any other metro area in the country, according to a report from Seattle-based brokerage Colliers International. The area also has the second-most craft breweries with 144, behind only Portland, Ore.'s 196.

A bounty of fresh water from Lake Michigan, a bulging stock of industrial buildings and a hefty number of adventurous palates all contribute to Chicago's emergence as a beer epicenter.

And craft beer—defined as being made by small, independent brewers—is still growing here. Just four U.S. markets have more breweries in the planning stages than the 39 in Chicago. (This was Colliers' first report on the subject, making comparisons to past years difficult.)

Chicago's rise cheers beer geeks and commercial landlords, but it's yet to be seen whether more is better for individual brewers.

“It's a great, proven market for beer,” says Justin Aprahamian, co-founder of Like Minds Brewing, which began brewing on the Near West Side in September after operating out of Hinterland Beer's facility in Green Bay, Wis.

“There are consumers in Chicago who embrace it and want it, and that's a beautiful thing,” Aprahamian says. “But do they all make it? We hope there's room for everybody.”