CHICAGO—Rents for retail anchor spaces in the metro area have increased considerably in the past year, but experts say that boost may not be justified by the relatively slow absorption and high rate of vacancy in the market.
“It's partly due to how people perceive the market,” Joe Parrott of CBRE tells GlobeSt.com. The Bannockburn, IL-based senior vice president of retail services specializes in leasing anchor retail space throughout the Midwest, and just released the company's annual spring report on anchor retailers in Chicagoland. “Everyone has heard a great deal of good economic news and assumes it's more broad-based than it really is.”
Parrott's analysis is based on available retail spaces of 20,000 square feet or larger within the 56 largest regional shopping areas in metro Chicago, within existing centers, or as an anchor pad at an existing center.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
