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CBRE: Demand will push rents higher in 2014
Los Angeles — Retail rents in the world’s most expensive markets will rise further in 2014 due to a shortage of available prime locations combined with a lack of new development, according to CBRE Group’s third quarter report on the world’s prime global retail markets.
Hong Kong (US$4,333 per sq. ft.) remains the world’s most expensive retail market by a substantial margin. Hong Kong houses the highest representation of luxury retailers among all global cities. With a healthy tourist market and a lack of available space. -
New tenants head to East Peoria’s Levee District
Peoria, Ill. — Called The Levee District, the 86-acre new downtown going up in East Peoria, Ill., will include 500,000 sq. ft. of retail and restaurant space as well as office, hotel and civic components.
Four new retailers recently inked leases for space in The Levee District.
Construction is well underway on a 10,400-sq.-ft. space next to Gordmans to be occupied by Shoe Dept Encore. The new store plans to open in the spring of 2014.