June Edition: Who is ready for some good news?
When we started our “good news” themed newsletters it was in the height of the pandemic when tenants weren’t occupying their spaces and landlords were afraid of mounting debt from lost rent payments. We all needed some good news!
We’ll admit, it wasn’t the easiest thing to find those horizons of hope in the commercial real estate industry. In fact, some days we questioned the future of our firm, like many other businesses.
If you’ve been following along for the past two years you have most likely noticed the upward trajectory of all sectors in Chicagoland’s commercial real estate market, and it has become hard to “pick” which articles to feature in our newsletter! This month we’re especially happy to showcase downtown Chicago’s retail outlook after it has been thru so much. Chicago is an iconic destination for shoppers full of flagship stores and “miles” of notable brands. We look forward to new growth in this sector.
Thank you for joining us for our monthly Good News in the CRE Market for Chicagoland during the pandemic and now. We look forward to continuing to showcase how great our Chicagoland area is!
- “A new report predicts mostly good times ahead for downtown Chicago retail after the city hit a lower vacancy rate than even before the health crisis…Net absorption is set to exceed 2M SF this year, the report said, marking the second straight year it has crossed that threshold, while vacancy is expected to fall to 6.3% by year’s end — the lowest percentage of available retail space in the metro since 2018.”
- “Big-box industrial vacancy has dwindled to never-before-seen lows in the Chicago metro, falling more than a full percentage point since the end of last year…Since January 2020, users have absorbed 45M SF — 6.7M SF of which came in the first quarter of 2022 alone.“