| The Windy City retail market experienced its first quarter of decreasingyear-over-year effective rent since the mid 1990s during Q4 2008, and since then it has been a persistent downward slope, says Reis analyst Michael Steinberg. Effective rent stands at $16.81, down 0.3% from Q1 2011. (Effective rent at the national level remains unchanged from last quarter's $16.49.) Reis analysts believe the Chicago metro will see a year of positive rent growth in 2012. Forecasts suggest that effective rent will continue to fall this year, bottoming out at $16.79, and the metro will experience growth of .07% and 1.7% in 2012 and 2013, respectively. |
RETAIL ROLLER COASTER
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Michael Steinberg
, The Windy City
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