Monday, March 10, 2008

Retailers fleeing to the city?

That's what the Sun-Times said yesterday.

Since my clients are doing deals near downtown I guess that's good news for me. But the rents are going to be much pricier, with the tradeoff that there are plenty of rooftops nearby.

Yet some things are not selling. According to the story retail leasing at Trump Tower is slow because of high prices being quoted. (No shock about the price there, plus 401 Wabash is not Boul Mich, the Donald notwithstanding. That does not mean it will not change, but we'll have to see.)

The other interesting news here is talk about a retail repositioning at Presidential Towers, which Pete Vilim and David Schwartz at Waterton Associates LLC picked up last year. They have a first rate team doing the work so I am not surprised. And what is going on with Metra Market? I'd heard rumors the project was dead, but the story talks about the project as if it were alive, so I will go with the latter assumption until proven otherwise. (I want Metra Market to go forward anyway for purely selfish reasons, being adjacent to my Chicago office and all that.)