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Midwest Market Reports

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor..

September 14, 2017

The Middle Ground: The Next Great Opportunity for Chicago Multifamily

Like other metros, Chicago is in the midst of an apartment boom where the hum of multifamily construction has become commonplace. In fact, approximately 8,000 new rental units are slated to deliver by the end of next year, according to Appraisal Research Counselors. Nearly 4,000 units are expected to deliver in 2019. The majority of this multifamily construction is concentrated on Class A rental high-rises. SixForty (640 N. Wells St.) by JDL Development and 8 E. Huron by CA Ventures — both..

September 7, 2017

Dramatic Rise in Tech Jobs Propels Growth in St. Louis Office Market

Rapid growth in the tech sector is dramatically impacting the St. Louis office market. The city boasted an increase of 6,220 high-tech jobs during the last four years, over 2,000 of which were generated in the past year alone. Given the total number of tech jobs in St. Louis is 57,300, this amounts to  a healthy growth rate of 10.9 percent. From well-known companies like Square Inc., Yurbuds and Answers.com to newer ones such as LockerDome, Aisle411 Inc. and MediBeacon Inc., the St. Louis..

August 24, 2017

Cleveland Office Market Sees String of New Projects

Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention, the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention. Within the office market, trends such as “flight to quality” and  office-to-residential conversions, which are driven by a hot apartment market, have reduced surplus supply and lowered vacancies. This has shaped metrics positively, and has put Cleveland in a position of strength..

August 17, 2017

Increased Development Activity in Cedar Rapids Flows Across Property Types

These are momentous times for the Cedar Rapids economy. On the jobs front, the unemployment rate for the Cedar Rapids area stood at 3.2 percent in May, even tighter than the national unemployment rate of 4.3 percent for the same period. Meanwhile, the housing market recorded its lowest inventory of housing on the market in two years with 1,482 active listings in June 2017, 540 less than June 2015. On average, the number of days that houses were on the market dropped from 87 to 62 in the last..

August 10, 2017

Specialty Practices Drive Growth in Kansas City Medical Office Market

Kansas City is in the midst of an aggressive expansion of capital investment in medical office space that is consistent with national activity. A variety of factors drive these developments, including patients’ expectations for medical care, a change in how large-scale healthcare operators view their networks and the growth of specialty practitioners. The evolution of medical space created by these forces leads to an entirely new development approach. [caption id="attachment_181670"..

July 27, 2017

Bedrock Is a Major Force in Motor City

You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have..

July 20, 2017

Millennial Workforce Drives Development Wave in Downtown Milwaukee

There’s never been a better time to live and work in downtown Milwaukee. With the recession in the rearview mirror, a massive resurgence in the multifamily and office sectors has originated in Wisconsin’s largest city. Since 2011, 2,500 multifamily units have been completed, with an additional 1,500 units under construction and 2,000 proposed. [caption id="attachment_181651" align="alignright" width="100"] Ben Anderson, Colliers International[/caption] The office market has seen a..

July 20, 2017

Lifting the Veil on Chicago and Cook County Real Estate Taxes

It seems like politics watchers and the news media like to establish a veil of mystery around Cook County tax assessments. And although it sells papers and conjures an atmosphere of the unknown, the most important thing to know about tax relief in Cook County is the role of market value in assessments and how taxes are calculated. On June 13, taxing entities announced that tax rates in the City of Chicago would be going up approximately 10 percent. The second installment 2016 tax bills were..

July 6, 2017

Population Growth Sparks Apartment Development Wave in Des Moines

While recently visiting a local Starbucks, I noticed an employee behind the counter with a tattoo in the shape of California. I decided to ask the barista if she was from the Golden State, and indeed she was. I asked what brought her to Des Moines, thinking she would say family or a love interest, but I was wrong. She had read and heard so much positive press about the Des Moines area that she decided to give it a shot. [caption id="attachment_179198" align="alignright" width="100"] Rick..

June 29, 2017