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Chicago & Midwest  + Retail  | 

Chicago’s Retail Vacancies Reach 10-Year Low

The Chicago region’s retail vacancy rate tightened to its lowest level in a decade, Marcus & Millichap reported. One factor is limited new supply: local retailers have been backfilling space, and fewer large-scale multi-tenant projects are currently in the pipeline.

Across the region, the largest project due this year is Mellody Farm, a 280,000-square-foot center in Vernon Hills, IL, with a tenant roster including Whole Foods, REI, Nordstrom Rack and Home Goods. Within downtown Chicago, about 300,000 square feet of new inventory is expected. About a third of that will come from Hines’ Lincoln Commons (pictured), with roughly 100,000 square feet of retail along with nearly 600 apartments.

The retail construction pipeline is forecast to add 1.7 million square feet to the inventory by the end of this year, down from 2.1 million completed in 2017. Most of that new space is in the suburbs, Marcus & Millichap reported.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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