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Retail occupancy on rise in Lake Zurich

17.05.12

Lake Zurich has had some positive changes in its retail vacancy rate in the first quarter of this year, according to village officials.

“The Lake Zurich retail market completed the best first quarter of a year in four years, with the retail vacancy rate declining from 12 percent in the first quarter of 2009 to 10.75 in the first quarter of 2012,” Vijay Gadde, the village’s planning manager, wrote in an email. “The improvement is more pronounced when compared to one year ago, (when it was) 12.65 percent in the first quarter of 2011.”

Of its 1.8-million square feet of total retail space, only about 198,000 square-feet remains vacant. The Chicago area retail vacancy rate is at 9.5 percent, and the national average is at 11.9 percent, according to village documents.

“We’re still above Chicago’s retail vacancy, but we’re below the national average, which is nice to see,” said Ryan Slattery, the village’s economic development assistant.

Source: Lake Zurich Courier

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