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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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