Proximity to major retail gives boost to Chicago Class A product
In two out of the four submarkets, Class A product within a one mile radius of a major retail center is outperforming the competition.
February 25, 2019
- In two out of the four submarkets, Class A product within a one mile radius of a major retail center is outperforming the competition. Eastern East-West occupancy is the highest around Oak Brook mall, indicating the strength of the market—a trend likely to continue with possible mixed-use projects in the development pipeline.
- North Cook County and O’Hare proximity to retail lag slightly behind due to lack of concentrated office supply around Old Orchard Mall and the Fashion Outlets.
- Northwest and Eastern East West proximity to retail outperforms overall and Class A occupancy rates—suggesting the need for the “urban oasis” developers are looking to build.
Source: JLL Research