Oct
11

Market for Retail Real Estate in Chicago Improving

October 11, 2012

retail market improving in chicagoDuring the month of August, the market for retail real estate in Chicago showed greater improvement than any other retail market in the U.S. According to Real Capital Analytics, Chicago prices were up 31 percent year-over-year.

Recently we’ve reported on new stores coming to Chicago neighborhoods such as Bucktown and the Clybourn Corridor, which is indicative of the retail market picking up. The Clybourn Corridor will soon be home to a new Target and a few other big box stores, while several upscale retail shops and restaurants recently opened in Bucktown.

Real Capital Analytics reported that overall sales of retail properties totaled $2.7 billion in August, which is an increase from earlier in the summer and an increase from 2011 sales. Mall and single tenant property sales are growing and are up 88 percent from the first eight months of 2012.

Prices for retail properties have been rising all across the U.S. and the fastest rate of growth has been in the Northeast and Mid-Atlantic regions.

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Jessica Thom

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