Headlines

Chicago Retail Holds Steady

Survey shows 10 percent vacancy rate in 3Q was the same as in 2Q

Published

22 years ago

September 30, 2002

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Vacancy rates at Chicago-area shopping centers held steady in the third quarter, according to a survey by CB Richard Ellis Inc., Los Angeles-based real estate firm.

As reported in Crain's Chicago Business, the vacancy rate for retail centers of 50,000 square feet or more was 10.1 percent for the quarter, matching the second-quarter rate and down from a high of 10.3 percent in the first. The rate was 9.3 percent in third-quarter 2001.

Though more than 230 retailers are seeking locations in Chicago, said Todd Caruso (managing director of the firm), some have scaled back their expansion plans for the area. Strong leasing activity by smaller tenants seeking 3500 square feet or less has helped buoy the market, he added.

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