State Street Retail Growth One of the Highest in the Country
The Loop’s iconic State Street has landed on National Real Estate Investor’s list of “Top 5 U.S. Streets Where Retail Rents Have Shown the Greatest Growth,” with a 16.7 percent annual growth in rents as of June 2015. Much of this increase can be attributed to flagship retail stores opting for a State Street location instead of Michigan Avenue’s core.
Chicagoans aren’t surprised; many have witnessed a boom in retail and hotels on State Street. The blocks between Washington and Monroe have provided a particularly large surge in new businesses this year.
"With the consistent growth of sales volumes on the street and the successful openings of Latinicity, Michael Jordan's Jumpman and Zumiez, it is no surprise that an increasing number of retailers have targeted State Street for new locations," said John Vance, Vice President of Stone Real Estate Corporation.
Other streets that made the list are L.A.’s Rodeo Drive, San Francisco’s Union Square, Worth Avenue in Palm Beach and High Street in Seattle.
“Increasing retail rates and shopper activity are an indication that the Loop continues to grow as a world-class destination. We are proud to be a part of such a vibrant community and this statistic only furthers our mission to create a high-performing urban experiences, attracting people and investment to the Loop,” said Michael Edwards, President & CEO of Chicago Loop Alliance.
Photo Credit: ©Adam Alexander Photography