Search
 

Retail Development Continues to Slow in Chicagoland

CHICAGO—The years of five million plus square feet of new retail are gone, says Mid-America Real Estate Corp.

By Brian J. Rogal | brianjrogal | Updated on June 12, 2017

chi-Whole-Foods-Lakeview-flagship-by-Novak-Construction-for-sale (4) The new Whole Foods in Chicago’s Lakeview neighborhood will make up a significant percentage of the year’s new construction.

CHICAGO—The development of new shopping centers throughout Chicagoland continues to proceed at a relatively slow pace. Developers now usually finish between one and two million square feet of new retail development per year, according to Chicagoland 2017 Shopping Center Report by Mid-America Real Estate Corp. But although the years of five million plus square feet of new retail are gone, grocery-driven projects and smaller footprint urban developments are here to stay.

Shopping center development in the region fell from 2.07 million square feet in 2015 to 1.5 million square feet in 2016, a 26% decrease, Mid-America found. The firm anticipates another 31% decrease for 2017, with an all-time low of about one million square feet planned for the coming year. The data show that new shopping center development has decreased by 79% since 2005. But that doesn’t mean the world of retail has become stagnant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.