Strong Demand Drives Downtown Retail Vacancy Rates To Record Lows
Loop retail vacancies continue to decline, according to Stone Real Estate's latest report. And that bodes well for future retail leasing in other parts of downtown.
The overall retail vacancy rate last year was 9.9%, the lowest since Stone began keeping tabs in 2002. Retail is following office and residential developments into the urban core (one thing we learned from our recent retail real estate summit), especially along Michigan Avenue, a market teeming with activity.
As space along Michigan Avenue and other Loop markets become scarce, retailers will start looking outside the Central Loop core, according to Crain's. One area of note: Monroe Street. Tishman is courting retailers to 100 S State and 112 S State, where WeWork has three floors leased. [Crain's]
