BY THE NUMBERS
CHICAGO—Available retail anchor space in the Chicago area is at a record high, according to a recent report from CBRE. But much of the new space hitting the market is quality class A space, which has attracted users at a faster rate than past years, and driven rental rates up as retailers vie for prime space. Currently, the Chicago market has 10.8 million square feet of retail anchor space available, well above the previous high of 10 million square feet in 2009. The total number of spaces available is at 218, up from 165 at this time last year. The main reason for the increased availability has been the wave of bankruptcies and liquidations from retailers like Sports Authority and HH Gregg that have swept across the market, says Joe Parrott, senior vice president with CBRE.
NEWS & NOTABLES
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
