X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

CHICAGO-Specialty store vacancy in State Street/Wabash Avenue retail district is nearly twice the average for the entire market at 20.9%, but that is an improvement from the 24.6% level hit last year. In addition, Northern Realty Group, Ltd. reports in its annual survey that asking rental rates rose 5% to $38.82 per sf.

The State Street/Wabash Avenue specialty store vacancy rate compares to 7.1% for similar space along Michigan Avenue, according to Northern Realty Group. Including department store space, however, vacancy in the State Street/Wabash Avenue retail area fall nearly two percentage points to 7.3%. While condominium conversions are bringing new customers to Downtown, the retailers themselves deserve some of the credit for the retail market’s strength, says Northern Realty Group executive vice president Michael Shields.

“With stores such as H&M, Forever 21 and Old Navy now broadening the street’s appeal beyond the traditional department store customer to a younger, hipper demographic, the energy of State Street simply cannot be denied,” Shields says.

Northern Realty Group tracks retail activity along State Street and Wabash Avenue between Wacker Drive and Congress Parkway.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.