The Buzz from ICSC
If the party scene is any indicator of market trends, then retail activity is back. Last week’s post-ICSC saw events hosted by Cushman & Wakefield, Mid-America, NGKF, and a very special “Club 444” co-hosted by CBRE’s Todd Siegel (front and center, above) and Jessica McLinden (far left) in partnership with the building owner (their client), GLL Real Estate Partners, at 444 N Michigan Ave. For the event, the building’s 3,052 SF boutique space was transformed into a private lounge for almost 200 industry folks. Todd tells us new start-up concepts are coming into the market (and expanding outside), and traditional retailers are back and looking to take more market share.
Snapped: Jessica, Betsy McLinden, Todd, and Centrum Partners' Graham Palmer. Chicago’s urban restaurant scene continues to be fueled by strong accessibility to residential, hotel, and office populations, Todd says. The urban core is also seeing continued success with recent additions on State Street, McCaffery’s Roosevelt Collection, and the well-underway New City Y in Lincoln Park. As for Michigan Avenue and Oak Street, only a few vacancies remain with multiple tenants rumored to be looking at them, Todd says.