Location. Low cost. Labor.
These are just a few of the pros that make Northwest Indiana a desirable place to do business. Somewhat of a hidden gem in past years, the market has recently become a highly demanded market for businesses to set up shop. Chicago Industrial Properties spoke with Northwest Indiana Forum President & CEO Heather Ennis to find out what’s behind the recent boom.
To start, Ennis said that also on the list of pros is the submarket’s strong infrastructure. Several long- and short-line railways span across Northwest Indiana connecting many sites across the region, and more than half of the border is water, providing direct access to two major freight transportation hubs.
As icing on the cake, Gary/Chicago International Airport (GCIA) is capable of serving general aviation, corporate, commercial and cargo users. And if that wasn’t enough, Ennis said they’re currently working on adding to what is being called the High Tech Corridor.
“We’ll be able to process data at a higher speed and incorporate more security to continue to attract research and development companies that require an additional measure of security,” Ennis said.
But those aren’t the only kinds of companies that are focusing their gaze on the submarket. In fact, Northwest Indiana is experiencing a broad range of incoming businesses — including those that already exist in-region looking to expand and those from across the globe wanting their slice of the action.
Logistics is especially popular right now as products move closer to the end consumer, and opportunities exist for advanced manufacturing due to the area’s access to Lake Michigan. And because the submarket is so heavily industrialized, Ennis said its grid can service people in a way that’s energy efficient — an increasingly important element to a variety of businesses.
Sure, Chicago might have these things, too, but something the metro doesn’t have? Available space. Northwest Indiana still offers plenty of opportunity for development for users willing to look a little further, and for a lower cost.
“People didn’t used to look further than I-65, but now they’re looking into Portage and Michigan City,” Ennis said. “The marketplace is getting smaller as things fill up but there are still great sites, and more and more communities are partnering on developing and redeveloping sites across the state.”
Industrial is seeing the most activity, but the multifamily sector is another that’s prospering. Transit development districts along the commuter rail system have been set up to help facilitate growth and are attractive to people wanting to participate in a commuter lifestyle in a walkable community. There are currently a handful of in-progress projects in Hammond, Indiana alone.
“Northwest Indiana is looked at because of its proximity to Chicago, but it doesn’t have to be a zero-sum game,” Ennis said. “We enjoy the opportunity that our proximity affords us, but we want to grow the regional economy — not just take business from Illinois. Our assets our mighty, and banded together, there’s a lot of exciting opportunity to compete with the East and West Coasts.”
