An analysis from the Chicago retail brokerage Stone Real Estate indicates that the Loop retail vacancy rate increased for the fourth year in a row in 2023, rising to just past 30%. It was 28.32% in 2022.
THE CITIES OWN FAULT………POLITICIANS LET DOWNTOWN GO TO H..LL WITH CRIME…..USED TO BE DOWNTOWN ALOT……NOT EVER AGAIN!!
Old Joe
2 years ago
I long for the good old days when I went shopping at JL Hudsons in downtown Detroit…….
Veterano
2 years ago
Worse than Detroit?
If the the data is comparable, this is troubling.
“The overall vacancy rate for the retail market ended the fourth quarter at 5.2 percent, representing a slight decrease of 10 basis points over the previous quarter.”
The data above captures the broader metro area. Still, on a metro versus metro basis, metro Chicago is weaker than metro Detroit.
“According to Lee & Associates, vacancy in Chicago’s retail market dropped to 5.8 percent and there was over 3.3 million square feet of absorption over the past year.”
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
THE CITIES OWN FAULT………POLITICIANS LET DOWNTOWN GO TO H..LL WITH CRIME…..USED TO BE DOWNTOWN ALOT……NOT EVER AGAIN!!
I long for the good old days when I went shopping at JL Hudsons in downtown Detroit…….
Worse than Detroit?
If the the data is comparable, this is troubling.
“The overall vacancy rate for the retail market ended the fourth quarter at 5.2 percent, representing a slight decrease of 10 basis points over the previous quarter.”
https://www.dbusiness.com/daily-news/report-2023-metro-detroit-office-vacancy-rate-rises-industrial-and-retail-are-stable/
The data above captures the broader metro area. Still, on a metro versus metro basis, metro Chicago is weaker than metro Detroit.
“According to Lee & Associates, vacancy in Chicago’s retail market dropped to 5.8 percent and there was over 3.3 million square feet of absorption over the past year.”
https://33realty.com/blog/chicagos-commercial-real-estate-boom