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Local Shopping Center Vacancy Rate Holds Steady

CHICAGO-Chicagoland's retail vacancy rate is down slightly from earlier this year, which had a rate of 10.3%. Last year's third quarter vacancy rate was 9.3%.

By Bonnie Grota | Updated on October 01, 2002

CHICAGO–The Chicago-area’s shopping center vacancy rate held at 10.1% during third quarter 2002, according to survey statistics compiled by CB Richard Ellis Inc. The survey researches properties of 50,000 sf and greater and tracks available space in 100 million sf of retail centers. It excludes regional malls. The vacancy rate was 9.3% during third quarter 2001. The rate’s low point during the survey’s 12-year history was 7.3% during first half 2000.

Although some retailers have scaled back their expansion plans, the CB Richard Ellis survey tracks over 230 who are still actively rolling out new locations in the Chicago metropolitan area. According to Todd Caruso, a managing director with CB Richard Ellis, “We anticipate a leveling office in certain categories such as cellular phones and specialty foods that are approaching saturation points or seeing industry consolidations.”

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