09/24/2026
Nike has signed a lease for a prominent, long-vacant corner spot on the Magnificent Mile.
The athletic apparel giant has inked a long-term deal for an approximately 43,000-square-foot, two-level space at 540 N. Michigan Ave., which was vacated by Forever 21 in 2018. The brand will move from its current location at 663 N. Michigan Ave.
The deal is part of increased leasing momentum on North Michigan Avenue as the corridor chips away at its vacancy rate after years of declining foot traffic and retailer departures, and brands are jockeying for the most visible positions.
The corridor’s availability rate was 26.1% as of July, down from a high-water mark of 33.8% in 2023, according to data from Kirsch Agency. Recent leasing activity is mostly consolidated in the central and southern portions of the avenue — the southernmost third of the strip has the lowest availability rate at 15.2%.
The deal means Nike will leave its current five-story space at 669 N. Michigan Ave. that the brand has occupied since 1992, first as a retail concept blending shopping and entertainment called Niketown. Representatives for Nike and that property’s landlord, British real estate management firm Mark Capital Management, didn’t respond to requests for comment.
Read more here: https://www.chicagobusiness.com/real-estate/commercial/ccb-nike-leases-540-north-michigan-20260918/?utm_source=facebook&utm_medium=soc-own