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Article: Retailers Continue to Desire Michigan Avenue Presence in Chicago.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- April 12, 2002
CopyrightCOPYRIGHT 2002 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Thomas A. Corfman
Apr. 12--Retail vacancy along the Magnificent Mile is at its lowest level in more than a decade, defying a unforgiving economic climate that has many merchants closing stores and cutting back on new ones.
Unike many suburban shopping centers that have been battered by the loss of large anchor tenants, Michigan Avenue's vacancy rate this spring dropped to a minuscule 1 percent of its 3.3 million square feet of retail space, compared to 1.5 percent 12 months ago, according to a soon-to-be-released annual study by Chicago-based real estate firm Northern Realty Group Ltd.
The improvement comes from a robust market for ...