Charles Meyer, managing director of Columbus-based Red Mortgage Capital, warns that it’s not wise to paint with a broad brush when you’re talking about the health of commercial real estate segments across the Midwest. It’s easy, for example, to say that Michigan’s commercial markets are struggling whenyou’re looking at Detroit. But what about the communities surrounding Detroit? There are plenty that are doing relatively well, considering the economy’s struggles.
But Meyer did point to Minneapolis as one of the stronger markets in the Midwest, one that is doing especially well when it comes to the multi-family segment.
“Minneapolis is a really good market, especially in today’s economy,” Meyer said. “It’s held up quite well.”
Meyer also said that his company’s home base, Columbus, is doing relatively well when it comes to multi-family. It’s not exactly thriving, but it is holding its own.
Meyer even said that landlords might soon be able to push up rents in some of the country’s stronger multi-family markets. When that happens he’s not entirely sure. But the day is coming, and that’s some rare and welcome good news for the commerical real estate business.
