Mid-America's Jeff Kuchman

The International Council of Shopping Centers’ Chicago Deal Making conference wrapped up in that city last week, where about 260 exhibitors displayed retail opportunities around the metropolitan area as well as the Midwest. One company that is familiar with the area is the Oakbrook Terrace, IL-based Mid-America Real Estate Group. The real estate services firm says it leases and manages 28 million sf of retail space in the region and represents about 100 retail tenants. The firm also releases annual studies on the retail market in Chicago. This year’s report found that retailers are searching for 78 million sf in the metro area, up 16% from last year. And the demand is forecast to continue for at least a decade. Jeff Kuchman, principal at the firm who is also director of tenant brokerage, spoke with GSR about trends in Chicago retailing.

GSR: What is fueling the retailer growth in the Chicago area?

Kuchman: In the first place, you have a very vibrant, major city. You’ve got a market that gets continuously fueled by the overall magnetism of Chicago as a Midwest hub for young, professional people to come and start careers and families. That is a big part of the equation. When you combine that with the fact that most retailers who come to find that their sales are by and large better than move of their nationwide comps, then that’s a healthy combination to attract additional growth.