Monday, July 14, 2008

And here go retail vacancy rates

This is before Steve & Barry's, but Crain's reports a hefty jump in vacancy rates in the second quarter. This is not developers bringing space on line, either. Some of the projects I wrote about last year are delayed or dead. Rather some retailers are retrenching and others, as we know, are liquidating.

Is it all bad news? No. Some of it was expected. Kane County and many of the suburban submarkets were expected to rise, because retail is perhaps ahead of the rooftops. And some "bad" news is just a sensible slowdown. Walgreens, for instance, is "only" planning to open 365 stores next year instead of 500. And where the bodies with money are? Vacancies actually dropped below 4% on the north side of Chicago. So...location and money and you are probably ok. I guess that means we should expect a slowdown where I live, too, even with Bed Bath and Dick's coming in and Petsmart just opening. I guess that might mean another year or two for Panera Bread, alas.

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