Business & Tech
Downtown Arlington Heights Study Shows 8.7 Percent Vacancy Rate
Nine new businesses have opened, or will soon be opening, in downtown Arlington Heights so far this year.
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 percent in April 2014, while the Northwest Suburbs showed a 13.3 percent 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 to 10 percent.
The B-5 zoning district does not encompass any of the properties south of Sigwalt Street or east of Arlington Heights Road.
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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 percent of the total, services are 20.5 percent and retail is 17.2 percent.
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Nine new businesses have opened, or will soon be opening, in the Downtown so far this year.
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