Recovering foot traffic, a string of recent deals, and vacancy falling for the first time in years are bringing some optimism to the Magnificent Mile as landlords and tenants adapt to a new retail landscape. The vacancy rate on Chicago’s best-known shopping strip was 29.3% as of July. That's down from almost 34% in 2023, according to data from Chicago-based retail brokerage Kirsch Agency, with 2024 marking the avenue's first year-over-year drop in vacancy in about a decade. In the last year, the strip has seen deals from new tenants Harry Potter Shop Chicago and Mango as well as returning retailer Uniqlo. Since 2020, the North Michigan Avenue corridor from the Chicago River to Oak Street has grappled with the COVID-19 pandemic’s blow to foot traffic as well as real and perceived problems with crime. “There’s been more activity in the last two years than there has been in the previous five or six, or even pre-pandemic, so things are definitely turning up,” CBRE broker Luke Molloy said. Read more here: https://lnkd.in/gGht4q5V
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1wIt’ll interesting to see what property holders do about the shortage of stores — could they lower the renting price to incentivize business or should they let the prices sit at where they are?