Retail vacancies down in the Loop – a tasty development?

Another sign the Loop is on the rise: Crain’s reports today that retail vacancies were down 14.6 percent last year from 16.7 percent in 2005. Millennium Park spurred much of the growth, which should come as no surprise considering the billions in residential development and tourist spending the park is expected to create. Two new restaurants and a pub signed leases near Millennium Park last year, the story notes, which according to Ty Tabing, Executive Director of the Chicago Loop Alliance, is a trend likely to continue over the next decade. “There will be a lot more bars and restaurants that support a larger population, especially college kids,” he told Yo last week. Let’s hope so. After our recent trips around the Loop, the restaurant selection seemed a little thin, unless you’re looking for a quick take-out lunch.