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Chicago Retail Sizzles

CHICAGO-Leasing activity was frenetic in Chicago's downtown last year, and developers kept pace too.

By Dees Stribling | Updated on March 08, 2005

CHICAGO-When it comes to Chicago’s CBD, retailers want to be there. That’s the conclusion of the recently published Loop Report, which summarizes last year’s retail leasing activity in the city’s Downtown, widely known as the Loop. According to the annual report, leasing velocity increased 170% over 2003′s pace, with 60 new leases signed.

“The Loop has two main geographic anchors to support retail,” Allen Joffe, principle of the Baum Realty Group, tells GSR. “In the west, there’s a lot of corporate headquarters, many of which locate there to be near the commuter train stations. To the east, there’s the new Millennium Park, which is a huge draw. There are also a lot of people moving into the Lake Shore East development on that side of the Loop.”

Compiled annually by Baum Realty Group, the Loop Report is an analysis of the Chicago CBD retail real estate market—roughly 106 blocks bounded on the north by Wacker Drive, on the east by Michigan Ave., on the south by Van Buren St. and on the west by the Kennedy Expressway between Lake Street on the north and Van Buren on the south. The report’s definition was expanded westward in 2001 to reflect the commercial and residential development activity flourishing west of the Chicago River to Halsted Street.

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