WICKER PARK — A new crop of restaurants and shops including Publican Anker, Devil Dawgs and Volumes Bookcafe have replaced last winter's rapid-fire closures that left a string of empty storefronts, livening up a prime stretch of Milwaukee Avenue in Wicker Park.
Though the openings — including long-anticipated hotels The Robey and The Hollander — bring hope for the local economy's future, some parts of the neighborhood are not faring as well, leading real estate experts to be cautiously optimistic.
Two real estate reports by Jameson Commercial Real Estate compiling recently-signed leases and listings of available properties that was shared with DNAinfo suggests that, for retail space, the supply is growing faster than the demand in Wicker Park.
The reports indicates that 21 new leases have been signed within the past two years near the Milwaukee, Damen and North intersection. But as of Thursday, there are 29 storefronts, including many large corner properties, for rent within a four- or five-block radius of the bustling six corners, according to the leasing report.
Danny Spitz, a Baum Realty broker, said that he is "optimistic and bullish" about the future of local retail, especially with the construction of high-density or "transit-oriented" apartment buildings underway that will bring "more bodies" to streets and into shops and restaurants.
But Spitz contended that the area could become more of a renter's market, too, if building owners are willing to accept less than the current asking price for area rents.
"With the new developments in the area and the prospect of more to come, it should help in keeping demand stable — albeit still outpaced by supply. It really depends on the owners, whether they want to be patient or need to find a tenant to fill their space," Spitz said.
Spitz said the average rents for all of Milwaukee Avenue has edged slightly upward, but there has not been a paradigm shift on rental rates, as there is still too much supply along the entire stretch from the 1200 to 1800 blocks of North Milwaukee, between Ashland and North Avenue.
"As more retail space is added with the new developments, the 1400 block, for example, has rents as high as $40-45 per square-foot and is a perceived discount to the 1500 block of Milwaukee, where rents are $50-$60 per square foot," Spitz said.
Spitz said there is a new interest in retail growth along Milwaukee Avenue south of Wood Street, especially with the addition of Big and Little's and Angry Crab at 1308-1310 Milwaukee.
New Milwaukee Avenue Shops and Eateries:
In October, New ramen spot Kizuki replaced MAX's Wine Dive at 1482 N. Milwaukee Ave.[Photos by DNAinfo/Alisa Hauser]
Volumes Bookcafe opened in spring 2016 at 1474 N. Milwaukee Ave, replacing Recycle consignment shop
In April, Insomnia Cookies replaced the futuristic ice cream parlor, iCream at 1537 N. Milwaukee Ave.
DOX Quality Greek opened just before Christmas at 1566 N. Damen Ave. in old City Soles spot.
Personal Privilege boutique relocated into the old Silver Room at 1442 N. Milwaukee Ave.
Vios Fertility Institute moved into the second floor of a large building at 1455 N. Milwaukee Ave. in July.
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