| Retailers and tourists always love North Michigan Avenue, but now landlords have a reason to love it as well. Vacancy rates on the Mag Mile registered at 3.7% this year, holding steady from last year's 3.6%, according to CBRE's 20th annual North Michigan Avenue survey. Asking rents have also skyrocketed to $127.42/SF in the 3.1M SF submarket. CBRE's Bruce Kaplan says Michigan Avenue is especially resilient, having reached its second highest rents in 20 years. Bruce says the Mile is benefiting from European tourists whose euro is strong compared to the dollar. New retailers like All Saints, Top Shop, Rolex, and Omega have brought a new international flair to the Mile, which was struggling with a 7.2% vacancy rate in '09. Overall, retail vacancy in Chicago sits near 10%. |
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