CHICAGO-The retail vacancy rate in Chicago in the third quarter rose for the first time since 2009. The rate rose slightly to 8.9%, according to a report released by CBRE Inc.
The retail vacancy rate for Chicago in the second quarter and the start of 2013 were 8.9% and 8.6% respectively.
Retail property owners are now awaiting the fallout from the closure or sale of 68 Dominick's grocery stores in and around the city of Chicago. The owner of the Jewel supermarket chain purchased four Dominick's stores from Dominick's parent Safeway, according to Crain's Chicago Business.
Retailers looking for space are already very particular about new sites, favoring locations in well-established city and suburban shopping districts, according to retail broker Mario Melone, vice president in CBRE's Oak Brook office. “It's a slow and calculated expansion,” he said. See story in Crain's Chicago Business.
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