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Chicago’s Available Retail Anchor Space Hits Record
Chicago-area anchor space leasing activity remains robust, but it is unable to keep up with the pace of space coming on line, as large retailers continue to exit the market, according to a report by CBRE’s Joe Parrott. The Chicago-area recorded 2.6 million square feet of new retail anchor leasing activity in 2017, a considerable amount higher than the previous year and the highest amount recorded since 2011, according to the 2018 Retail Anchor Report.
However, for the second straight year, the market experienced 3.8 million square feet of newly-available space, bringing the area total to 12.3 million square feet, the largest amount in the 10-year history of the report.
“We are seeing a lot of activity in the market, especially from a new set of users,” said CBRE’s Parrott. “However, it’s unable to keep up with the amount of new space hitting the market due to bankruptcies and liquidations. Thus, anchor space vacancy continues to trend up.”
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