Magazine article Journal of Property Management

The Magnificent Midwest: Midwest Shows Improvement in Most Sectors

Magazine article Journal of Property Management

The Magnificent Midwest: Midwest Shows Improvement in Most Sectors

Article excerpt

CHICAGO'S RETAIL RECOVERY

"I think the retail market overall is improving. Among other things, we are seeing a significant drop-off in receiverships and bank-owned properties under management. Vacancies have dropped quite a bit, and we also are seeing some significant new retail development in the city of Chicago itself."

LARRY KILDUFF

MIDWEST RETAIL MARKET LEAD, JLL

CHICAGO

CHICAGO

            Q2 2013   Q2 2014   % CHANGE   VACANCY
            ASKING    ASKING     ASKING     RATE
SECTOR       RENT      RENT       RENT

APARTMENT   $1,127    $1,166      3.5%      3.5%
OFFICE      $28.01    $28.45      1.6%      18.7%
RETAIL      $19.14    $19.40      1.4%      12.7%

APARTMENT SECTOR HEATING UP IN INDY

"Multifamily is the hot industry in Indianapolis with several renowned, locally based developers being progressive with site reuse. With credit more readily available for this industry and the Midwest ripe for this product, land reuse and building reuse from commercial to multifamily and upscale communities are set to flourish."

MARY C. HAUSER, CCIM, CPM, LEED-AP

PRINCIPAL AND MANAGING BROKER MCH COMMERCIAL REAL ESTATE SERVICES

BROWNSBURG, IND.

INDIANAPOLIS

            Q2 2013    Q2 2014    % CHANGE
            ASKING      ASKING     ASKING    VACANCY
SECTOR        RENT       RENT       RENT      RATE

APARTMENT   $726       $744       2.5%       6.0%
OFFICE      $17.88     $17.95     0.4%       19.8%
RETAIL      $14.55     $14.78     1.6%       15.2%

NEW DEVELOPMENTS IN CINCINNATI

"One of the exciting developments in Downtown Cincinnati is The Banks. The Banks is nestled in between Great American Ball Park and Paul Brown Stadium along the Ohio River. The first groundbreaking for The Banks was in 2008 and development continues to grow each year. The Banks is a mixed use development which currently features restaurants, bars, retail, office and residential units. …

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