Retail vacancy rate in Loop keeps increasing, data shows – WBBM (Chicago)

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.
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sue
2 years ago

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.”

https://www.dbusiness.com/daily-news/report-2023-metro-detroit-office-vacancy-rate-rises-industrial-and-retail-are-stable/

Veterano
2 years ago
Reply to  Veterano

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

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