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Investors, Builders Remain Bullish on Retail Market

CHICAGO-REITs, tenant-in-common groups, private investors fight for the retail assets that hit the market, while 6.6 million sf is being added to the 111.8-million-sf city and suburban market, according to CB Richard Ellis.

By Mark Ruda | Updated on October 25, 2005

(For more retail coverage, click GlobeSt.com/RETAIL, and to read more on the debt and equity markets, click here.)

CHICAGO-Competition remains fierce for local retail assets, with REITs, tenant-in-common groups, private investors and those needing to make Section 1031 exchanges vying for the properties that come available. Meanwhile, overall vacancy rates dipped slightly in the third quarter to 7.72%, according to CB Richard Ellis’ most recent market report.

Decreasing vacancy rates Downtown, including State Street, has resulted in Mills Corp. deciding to increase the retail portion of its 108 N. State St.—-formerly known as Block 37—-redevelopment by 100,000 sf to 500,000 sf, CB Richard Ellis notes. The overall bullishness comes despite 6.6 million sf of new space under construction at 34 sites, according to the brokerage’s research.

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