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State Street Retail Picks Up

CHICAGO-Vacancies at specialty retailers on State Street are down and rents are up since this time last year, report says.

By Dees Stribling | Updated on October 19, 2004

CHICAGO-Vacancies are down and rents are up compared with the fourth quarter of 2003, according to the 15th annual Northern Realty Group survey of Downtown Chicago’s State Street/Wabash Avenue shopping district (both are north-south streets running through the Downtown street grid, one block apart). The specialty store vacancy rate dropped to 20.9% from last year’s 24.6%, while the average asking rent rose to $38.82 per sf from $36.97 per sf last year, according to the survey.

Currently, only 219,259 sf of specialty store space is being offered for lease, down 20.6% from last year’s 276,148 sf. The overall vacancy rate, including department stores, fell to 7.3% from 9% last year. The survey includes retail space on State Street and Wabash Avenue from Wacker Drive on the north to Congress Parkway on the south, excluding bank buildings. Included are single- and multi-tenant buildings, with ground floor space, as well as upper- and/or lower-level retail space with direct escalator service between levels.

As underutilized buildings continue to interest developers and are taken out of service for redevelopment, the total supply of retail space fluctuates from year to year, the survey notes. This fall, there was a drop in the total inventory of specialty store space, which excludes department stores, from 1,121,531 sf a year ago to a current 1,048,678 sf.

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