CHICAGO-The economic downturn has been especially difficult forboth retailers and retail property owners along the StateStreet-Wabash Avenue Corridor. Yet, the days of high vacancy anddropping rental rates are numbered, according to Bruce Kaplan,senior vice president of CB Richard Ellis.
“I believe State Street has turned the corner,” Kaplansays. “It should be smooth sailing for the foreseeable future,starting in mid-2011.”
Kaplan recently spearheaded CBRE’s 2010 State Street-WabashAvenue Corridor Retail Vacancy Survey, which reports on marketconditions for the 12 month period ending October 31, 2010. Thereport cites a substantially higher overall vacancy rate and alarger drop in overall asking rent than reported in any previousyear since the survey’s inception two decades ago.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
