The hardest-hit property type is unanchored strip centers, according to the firm's survey, where vacancy stands at 15.3%.
Before last year's economic slowdown, 150 retailers were scouting the Chicago area for sites, says CB Richard Ellis managing director Todd Caruso. About 20% of those retailers have since left the market, he adds.
"The field of replacement tenant prospects has narrowed, especially for the surplus of vacant box spaces some of which are starting to be recycled to non-retail use," Caruso explains.
Of the remaining prospects, half are looking for spaces of less than 5,000 sf, he adds. On the other hand, grocery and drug chains, home improvement chains and discounters are among the most active prospects, according to his report.
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