by Calculated Risk on 6/08/2009 12:28:00 PM

From Crain's Chicago Business: Mag Mile facing a glitz gap

The vacancy rate in the Mag Mile corridor rose to 7.2% in the year ended April 30 from 6.3% the year before, according to an annual survey by real estate brokerage CB Richard Ellis Inc. provided exclusively to Crain's.

Empty storefronts large and small dot the avenue, a big departure from seven years ago, when the rate dropped to as low as 1%. Based on historical demand and announcements by stores of possible closures next year, the vacancy rate could approach its 1992 level of 9%.
...
"In this recession, high-end merchants have been negatively impacted, and that's reflected in the vacancy numbers on the street," [Bruce Kaplan, a senior vice-president in Chicago at CB Richard Ellis] says.