From Tom Vincent, CCIM - Chicago, IL | ChicagoRealEstateDaily.com recently reported on the vacancy rate for local retail properties and a rise to 12.1% in the first quarter, up from 11.9% - its highest level since at least the mid - ’90s.
The bright spot: “…in a sign that the woes of the retail real estate market may be easing, landlords’ average asking rents rose by a penny during the first quarter, the first such increase in six quarters.” Even though they are still about 1/3 off their peak, “…the smallest increase in rents may be a sign that the market is poised for a recovery.”
The article recognizes a “better feel” in the market, yet poses the circulating speculation of the possibility of a “double dip recession.” To continue reading this story, which includes some recent trends in the Chicago market, click HERE.
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Recent trends in the Chicago market:
Overdue commercial mortgages rise in Chicago
New single-family sales grind down to 16-year low
Same store travails: Retail vacancy up again
Double the trouble: Level of distressed local property jumps
Tags: 2010, assets, banks, brokerage, buy, chicago, commercial, distressed, double dip, downturn, economy, in the news, investment, landlords, lenders, property, real estate, recession, rents, Retail, unemployment, vacancy