Retail Vacancy Rates Down from First Quarter of 2011

Retail vacancy rates in Lake Zurich have decreased from a year ago, but there are still nearly 40 vacancies in town — including the shuttered Kmart.

The received on update on retail vacancy rates during its meeting Monday night.

Retailers coming in to Lake Zurich have been on a slight uptick since this time last year. In the first quarter of 2011, the retail vacancy rate was at 12.65 percent, but now that number has dropped to 10.75 percent.

While some of the good news includes , the 88,000-square-foot Kmart building at 225 S. Rand Road has remained vacant for 10 years.

“The (Kmart) property owners are out of state, and we have brought them potential tenants through the years, but they have not moved on them,” said Dan Peterson, director of building and zoning.

Nationally, Lake Zurich fared better than its counterparts did this quarter. Across the country, the average vacancy rate is at 11.9 percent. Meanwhile, retail vacancy rates in the village are higher than in Chicago, where they are at 9.5 percent.

In Lake Zurich, there are 257 retail properties, 37 of which are in need of tenants.

In addition to the Kmart property, vacancies exist in Northlake Commons, Lakeview Plaza, Holiday Inn/Shops of Lakeview, Village Square and Lake Zurich Retail Center, among a dozen other locations throughout the village.

While the numbers always could be better, officials see the decrease from last year as a positive. There also are a number of anchor businesses in the village, including Costco, Target, Walmart, Binny’s, Aldi, Jewel and Dominick’s.