Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO–The Chicago-area’s shopping center vacancy rate held at 10.1% during third quarter 2002, according to survey statistics compiled by CB Richard Ellis Inc. The survey researches properties of 50,000 sf and greater and tracks available space in 100 million sf of retail centers. It excludes regional malls. The vacancy rate was 9.3% during third quarter 2001. The rate’s low point during the survey’s 12-year history was 7.3% during first half 2000.

Although some retailers have scaled back their expansion plans, the CB Richard Ellis survey tracks over 230 who are still actively rolling out new locations in the Chicago metropolitan area. According to Todd Caruso, a managing director with CB Richard Ellis, “We anticipate a leveling office in certain categories such as cellular phones and specialty foods that are approaching saturation points or seeing industry consolidations.”

Within the Chicagoland area’s 81 million sf of community and neighborhood centers (usually discounter or grocery/drug anchored) the vacancy rate went up slightly to 9.9% from 9.8% during third quarter 2002. In the 13.2 million sf of unanchored strip shopping centers, the vacancy rate decreased to 14.9% from 15.3%. In free-standing centers (usually a group of several box retailers with a few specialty shops) which totals about 6.4 million sf in the Chicago area, the vacancy rate barely declined to 2.7% from second quarter 2002′s 2.8%.

At the close of third quarter 2002, there were approximately 5.1 million sf of shopping centers 50,000 sf or greater under construction in the Chicagoland area according to the CB Richard Ellis survey. The community and neighborhood center sector remains the fastest growing, accounting for about 3.6 million sf of projects-in-progress.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.