- Nov 16, 2017
Two indicators of Northbrook’s strong economy were recently reported at the Village of Northbrook’s Industrial and Commercial Development Commission (ICDC) meeting. Both low overall shopping center vacancy rates and strong sales tax receipts put Northbrook in an enviable position, according to officials.
Northbrook Shopping Center Vacancies
Northbrook’s Shopping Center 4th quarter vacancy rate is now 5.6%, down from 8.7% in the second quarter of 2016. Four shopping centers are 100% occupied: Meadow Shopping Center, Plaza Park Place (former Equitable Fund Building), Village Green Center (street level), and Willow Festival Annex (excluding the Sheraton Hotel). Five centers report less than 4% vacancies: Northbrook Shopping Plaza (3.26%), NorthShore 770 (2.45%), Northbrook Court (2.21%), Willow Festival (1.23%) and Village Square (.74%).
The shopping center with the biggest vacancy is Sanders Court, with over half the space available, due primarily to the large space that was formerly occupied by Dominicks. According to officials, efforts are underway to redevelop the center and relocate some of the business currently on Dundee to the recessed areas.
Northbrook Sales Tax Receipts
Sales taxes continue to be the largest source of revenue for the Village , according to its most recent annual financial report. Since February, sales tax receipts for every month in 2017 have consistently exceeded budget. Sales tax receipts reported in March, reflecting the fourth quarter of 2016 and the holiday shopping season, spiked to nearly $1.8 million. In August, sales tax receipts were over $1.4 million, exceeding budget by 17%. In September receipts were $1.47 million, exceeding budget by over 12%. For the latest month of October, sales tax receipts were nearly $1.45 million, more than 6% above budget.