According to JLL’s recent report, robust consumer spending and record-low retail vacancy rates have resulted in a 3.3% growth in asking rents for prime retail corridors between 2022 and 2023.
The latest City Retail Report from JLL predicts a resurgence of investor interest in urban retail, fueled by strong consumer spending. In September of 2023 alone, consumer spending surpassed $705 billion and the year-end saw a historic low of only 4.2% total retail vacancy rate. This has led to growing optimism for interest rate cuts and an expected increase in investment activity over the next year or so.
An example of this renewed investor interest is seen with JLL’s recent sale of the property at701 N.Michigan Avenue on Chicago’s Magnificent Mile – leased by high-performing retailer Rolex on both its ground floor (2,240 square feet) as well as basement storage (2,040 square feet). The seller was represented by Keely Polczynski , Michael Nieder , John Dettlaff ,and Caity Tirkian while Mason Asset Managementand Namdar Realty Group were procured as buyers.
“This highly sought-after offering highlights the potential for opportunistic deals along internationally renowned high streets.”
JLL Managing Director Keely Polczynski
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