Oakbrook Terrace, Ill. – Locally based Mid-America Real Estate Corp. announced that nearly 20 million sq. ft. of new and expansion retail space is slated for completion in the Chicago area by the end of 2003. In 2000, 27 new shopping centers and 12 existing center expansions added approximately 5 million sq. ft. of retail space to the market, which was an increase of more than 25% over the last two years.
This growth rate is expected to continue, with almost 7 million sq. ft. projected for 2001 and more than 8 million sq. ft. for 2002. Early projections point to a comparable rate of increase for 2003.