| Cari Brokamp, GlobeSt.com, October 23, 2008 | View PDF |
Retail Developers Halt New Plans in Slowdown
CHICAGO-Following a spike in retail vacancy and a lessening in tenant demand, local analysts expect occupancy and demand to sharply decline further into Q4 and 2009. A Marcus & Millichap third quarter market report predicts occupancy rates will continue to fall to around 90% in the Chicago metro area, as about 7.5 million sf of retail space will be added to the market in the near future. The report says the increase, coming from new developments completing, will add about 2% of inventory onto a market already oversaturated by some accounts with product.
