Elgin's Vacancy Rate's

The Elgin Development Group monitors vacancy rates in the City of Elgin and reports metrics from time to time to measure the status of the office, retail, housing, industrial, and overall real estate markets. Vacancy rates reflect changes over time in the local economy giving us information about different market segments. We also identify businesses that are expanding, investing, moving into Elgin, and creating jobs and use that information to thank expanding businesses for their investment. 

Here is one example:

Retail vacancy rates went down and are near all-time historic lows in Elgin. The current retail vacancy rate is at 3.9% today. There is 222,000 square feet of unoccupied space out of a total of 5.6 million square feet available for lease or purchase. That is approximately the size of two Walmart stores in all of Elgin. Market rent prices are at an all-time high of $18.59 per square foot. Sale prices for retail property are also near record all-time highs of $163 per square foot. The vacancy rate is projected to remain under 4.0% through 2030. Demand is higher than the supply.