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Village Survey Shows 8.7% Vacancy Rate in Downtown Arlington Heights; Compared To 10.7% CB Richard Ellis Chicagoland Study

Fri July 18 2014 9:22 pm  http://www.arlingtoncardinal.com/?p=70505
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Arlington Heights’ Downtown vacancy rate of 8.7 percent for first-floor business space compares favorably to the entire metro area. The Village completed a survey in July 2014 of the Downtown B-5 zoning district.

According to a report from CB Richard Ellis included in the Chicago Retail MarketView Q1 2014, the Chicago Metro Area’s retail vacancy rate was 10.4% in April 2014, while the Northwest Suburbs showed a 13.3% vacancy rate for the same time period. Even in peak economic times, the Village’s Downtown vacancy rates never reach zero, and are typically between 6-10 percent.

The B-5 zoning district does not encompass any of the properties south of Sigwalt Street or east of Arlington Heights Road.

Based on the total square footage of businesses occupying first-floor space in the Downtown, the two largest business types are restaurants and service businesses. Combined, these businesses occupy approximately 42 percent of all first-floor space in the Downtown. Of the total square footage of first-floor businesses in Downtown, restaurants are 21.7% of the total, services are 20.5% and retail is 17.2%.

Nine new businesses have opened, or will soon be opening, in the Downtown this year.

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