There’s always plenty of commercial real estate news going on across the Midwest. Here’s a sampling of five stories from the across the region that you need to read.
We’ve all read the headlines: A growing number of people are renting by choice. And these people are increasingly choosing the suburbs. But according to this story by the Omaha World-Herald, the suburbs are still attractive to plenty of renters.
The story focuses on Commercial Investment Properties, a Lincoln, Nebraska-based commercial real estate firm, which just opened the 135-unit Conrad apartment development in the heart of midtown Omaha. That building certainly capitalizes on the draw that urban areas have for renters today.
But CIP’s Mark Jepson said that his company is also seeing increased demand for apartment developments in the suburbs of Omaha. Jepson told the World-Herald that there is still an unmet demand for apartments in both urban and suburban settings. The numbers bear this out. The World-Herald says that the number of building permits for apartment developments in the Omaha market had in just the first eight months of the year already surpassed all the permits issued during 2016.
Read more about this story here.
Ikea, Topgolf and a new Portillo’s restaurant have all opened in the area east of Interstate-69 and near 116th Street in the Indianapolis suburb of Fishers. The Indianapolis Star, though, is asking the big question: What’s next for the rest of the 2-square-mile piece of real estate here?
One certainty? Don’t expect big-box retailers here, at least according to Fisher’s mayor, Scott Fadness, who is quoted in the story. After Fishers signed Ikea, it passed an ordinance limiting the size of retailers in the area. Only a few parcels are even zoned for retail, with most set aside for office uses, and, ideally, corporate headquarters.
Read more about the plans for this area here.
A large vacant lot in Milwaukee might soon becoe the site of a new industrial building, according to a recent story by the BizTimes.
An affiliate of Interstate Partners purchased the 6.5-acre plot of land at 4775 W. Elective Ave. for $596,530. The plot of land is located between a Menards and Pick’n Save store.
BizTimes reports that Interstate Partners plans to build an 86,000-square-foot light industrial speculative building on the site.
Read more about this project here.
Office vacancies are rising in downtown Louisville. But as a recent story by Insider Louisville reports, that isn’t quite as bad as it sounds.
According to the story, which cites the third-quarter commercial report from Cushman & Wakefield|Commercial Kentucky, the overall vacancy rate for office space stood at 13.6 percent for the quarter. That is up nearly a full point from one year earlier. that’s also the highest this rate has been since late in 2014.
The story, though, says that some of the higher vacancy rates might be due to temporary conditions, such as companies putting more people into smaller spaces. Others are experimenting with work-from-home arrangements.
Read more about the Louisville office market here.
In Grand Rapids:
Plans are moving forward for the redevelopment of an about 16-acre property in downtown Grand Rapids, according to a recent feature story by the Grand Rapids Business Journal.
A city committee will consider a redevelopment proposal for the land created by Flaherty & Collins Properties. The land, at 201 Market Ave. SW, was identified in the city’s GR Forward plan as a possible site for a destination development in downtown Grand Rapids.
The goal is to use the riverfront here to create what city officials call a “hub of activity.”
You can read more about the project here.