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Retail rents fall 1.6% year over year, with national average at $14.65
Chicago -- Retail rents fell 1.6% year over year, and inched down 0.5% since the last quarter to the current national average of $14.65, according to Jones Lang LaSalle’s North America Year-end Retail Outlook. National retail vacancy levels posted a 0.1% quarter-over-quarter drop from 7.1% to 7.0%, with open-air centers at the high end with 10.9% vacancy, and general retail at the low end with 4.7% vacancy.
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Mediterranean restaurant to open at Union Square
New York City -- Winick Realty Group said that restaurateur Danny Hodak, owner of Hell’s Kitchen Mediterranean eatery Taboon, has leased 1,000 sq. ft. of ground-floor space at 30 East 13th Street, between Fifth Avenue and University Place, for a new, as-yet-unnamed quick-service Mediterranean concept.
The restaurant is anticipated to open in the next two months and if it’s a success, Hodak plans to roll out more locations for the concept across New York City.