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Chicago-Area Retail Sees Vacancy Increases
Chicago-area retail vacancies ticked upward during the first quarter, according to preliminary figures from CBRE. The overall rate increased 40 basis points to 11.5%, after holding steady at 11.1% for the last two quarters of 2018.
The increases were more pronounced in neighborhood/convenience centers than in power/community centers. For neighborhood centers, the quarterly increase was 90 bps to 16.0%, compared to a 30-bp increase to 9.2% for community centers.
Community centers have more vacancy on the basis of square footage: about 8.3 million square feet, compared to about 7.7 million square feet for neighborhood centers. However, the inventory of community centers across the region is nearly twice as large.
By geography, the south suburbs had the highest Q1 retail vacancies at 21.8% overall, although 50 bps lower than in Q4 2018. The north suburbs and northern part of Chicago tied for lowest with 8.0%, both up from Q4.
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