Middle Market Digest-The Midwest

BY THE NUMBERS

CHICAGO—Available retail anchor space in the Chicago area is at a record high, according to a recent report from CBRE. But much of the new space hitting the market is quality class A space, which has attracted users at a faster rate than past years, and driven rental rates up as retailers vie for prime space. Currently, the Chicago market has 10.8 million square feet of retail anchor space available, well above the previous high of 10 million square feet in 2009. The total number of spaces available is at 218, up from 165 at this time last year. The main reason for the increased availability has been the wave of bankruptcies and liquidations from retailers like Sports Authority and HH Gregg that have swept across the market, says Joe Parrott, senior vice president with CBRE.