Story posted Thursday, January 21, 2010
Business Park Vacancy Rate Reaches All-Time High
By TOM ROBB Journal & Topics Reporter
The vacancy rate in Elk Grove Village's one million sq. ft. Business Park currently stands at between 13 and 14%---the highest it has ever been---according to Elk Grove Village Mayor Craig Johnson.
The Business Park is the largest in the United States, sprawled over one million sq. ft. with 100,000 vehicles moving in and out of the village each day.
Sales tax revenues to the village were off by a half a million dollars a month as 2009 ended. Village officials said real estate transfer tax revenues were also significantly off in 2009.
At the same time, Johnson was delivering the grim economic news on the park's vacancy rate at a village board meeting earlier this month, he also pointed to some recent positive signs that things might be turning around.
December's revenue numbers came in higher than expected, said Johnson. The mayor also quoted a recent media ranking of Chicago area companies saying six of the top 278 privately held Chicago area companies were located Elk Grove Village as well as two of the top 156 largest publicly traded companies and two of the top "Fast 50" (companies with the greatest rate of growth in the last five years).
A 10-year master plan for the Business Park recently expired and village officials have been at work for the better part of a year drafting a new 10-year plan they intend to introduce shortly.
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