What area is your expertise? Office market in the Kansas City metropolitan area. What trends do you see presently in office development in your area? Little new development. Some mixed-use projects in the works. Who are the active office developers in your area? Local developers. Please name one or two significant office developments in your area. What impact will these projects have on the market? Park Place – Mixed-use suburban office project including retail, residential, office and hotels. Located in suburban Kansas City (Leawood, Kan.) Plaza West – mixed-use office, retail, hotel project on Country Club Plaza. Will be corporate headquarters for local advertising firm Bernstein Rein. Where is the majority of development taking place? Why is this area doing well? Suburban Kansas City What area do you expect to be the next big development market? Why? Suburban Kansas City What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Suburban Kansas City and Country Club Plaza do well. Downtown Kansas City has struggled but with a new entertainment district along with opening of Sprint Center, it is poised to take off. Please give a measure of office vacancy rates. Please give a …
Midwest Market Reports
What area is your expertise? Office leasing and sales. What trends do you see presently in office development in your area? Most of the office development in our area is in the medical services and is space that controlled by the large Hospital groups. Who are the active office developers in your area? Second Story, Locus Development, First Companies, AJV, Christman, Fusion Properties, and others. Please name one or two significant office developments in your area. What impact will these projects have on the market? The new Medical centers on Michigan Ave Hill that will include a new DeVos Children’s Hospital, Lemmen-Holton Cancer Center, MSU Medical School, Expansions to the VanAndel Institute, and the new Metro Health Village in the southwest suburbs. These new buildings signify the new “industry” of West Michigan and will impact future developments for the next 25 years. Where is the majority of development taking place? Why is this area doing well? As stated above most of the development in the Grand Rapids area has been related to the Health Fields on Michigan Ave Hill (known as Medical Mile) and at the new Metro Health Village in the southwest suburbs. Health care is relatively recession proof, …
What area is your expertise? Indianapolis and Central Indiana Industrial buildings sales and leasing and land sales. What trends do you see presently in industrial development in your area? The Indianapolis industrial market got off to a strong start this year with 2.5 million square feet (MSF) of positive net absorption recorded for the first quarter 2008. Completed deals during the quarter included Fastenal Company (435,000-SF purchase), National Distribution Centers (230,000-SF expansion), Firestone Building Products (221,000-SF lease), Adidas (162,000-SF lease) and Remy International (57,000-SF lease) to name a few. This increase in activity from year-end 2007 helped the overall industrial vacancy rate lower from 7.9 percent to 7.7 percent. Several move-ins by companies that signed deals late in 2007, such as CVS Indiana LLC. in Mount Comfort, as well as Gatorade’s occupancy of its mammoth 1.1 MSF build-to-suit (BTS) facility in Ameriplex also contributed to this vacancy reduction. Another factor enabling vacancy to lower was the slowdown of speculative construction, particularly in the bulk market after 7.5 MSF of mostly speculative, bulk construction occurred in 2007. In fact, no new construction of any kind was completed during the 1st quarter as developers took a step back to allow this new …
What area is your expertise? The CBRE Retail team represents landlords and brokers in central Indiana. What trends do you see presently in retail development in your area? Increase in Mixed-Use Developments Development of Lifestyle Center and/or redevelopment, which includes a lifestyle center-like addition What type of retail product is doing well in your area? Grocery anchored centers; Town Centers/Lifestyle Centers and Malls What retailers are new to your area? Squeeze; Moochie & Co; Garden Ridge; Harlem Furniture; Fogo de Chao: Embarq; Taste of Tango; Ridemakerz; Stir Crazy; Adobo Grill; Golfsmith; Jared Jewelers; Marmi; Strasburg Children; Z’s Oyster Grill; Granite City Brewery; Grand Traverse City Pie Company and BJ’s Brewhouse Who are the active retail developers in your area? Kite Realty; Mann Properties; Welbourne Development; Pine Tree; Buckingham Please name one or two significant retail developments in your area. What impact will these projects have on the market? Redevelopment of Glendale Town Center: Kite Realty has re-developed this mid-town retail enclosed mall to become a Target and Macy’s anchored, power center (with a town feel). B-shop buildings have been added to surround the existing Macy’s — new retailers include Squeeze, Lenscrafters, AT&T and Catherine’s. Target will open in late July. …
What area is your expertise? Greater Lansing What trends do you see presently in multifamily development in your area? Over the past several years, most new development in the metro area occurred in and around East Lansing, and much of it was University related, either student rentals or condos marketed to recent grads or retirees. Much of this growth occurred along the northern tier, near Lake Lansing Road and Chandler. More recently, much attention has been drawn downtown where new apartments have been delivered and condos are slated to be built. Who are the active multifamily developers in your area? Condos — Robert Grooters Development, Gene Townsend, Gillespie Group, and Biersbach Development Apartments — Gillespie Group, DTN Management, Atlantis Development, and Strathmore Development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? Capitol Club Tower Condominiums — Robert Grooters Development – 175 units, Downtown. Planning stages, 50 percent reserved. First high-rise tower in Lansing. Kalamazoo Gateway — Gene Townsend – 120 units, Downtown. Planning stages. Mixed-use retail/apartments/condos. The Stadium District — Gillespie Group – 50 units, Downtown. Project completed, currently leasing/selling. Mixed-use retail/apartments/condos. Where is the majority of development …
What area is your expertise? Yorkville, Illinois/Kendall County. In March, Kendall County was named the fastest growing county in the nation, according to the U.S. Census, growing 77.5 percent from 2000 to 2007. What trends do you see presently in retail development in your area? Because of the unprecedented growth of Kendall County since the late 1990s, there are many national retailers who have found their way to the area, and while there has been a recent slow down in the acquisition of retail land sites in the Chicagoland area, production has not stopped on existing sites. The trend in Yorkville is going to be smaller projects with lesser known tenants over the next three to five years. Aside from the current economic woes and tightened lending restrictions, housing demographics are the key factor of this trend. Housing has slowed from one year ago, but there are signs that it’s picking up again. There have been more sales and builders have begun to create new incentives. I expect developers to move in toward the larger population centers and seek infill and/or redevelopment projects to combat inflationary land prices and continuing lender issues. The larger population bases and smaller risk projects …
What area is your expertise? My area of specialty is the office market in Lansing, Michigan Who are the active office developers in your area? TMN Builders, Boji Development, among others. Please name one or two significant office developments in your area. What impact will these projects have on the market? The 2900 Building was completed within the last 12 months and is a 80,000 square foot suburban office structure at the US-27/Lake Lansing Road interchange. Developed by 501LLC, it was a 5-story, Class A building that leased within 15 months after completion. Most of the users were already located within the mid-Michigan market area but this project did show that good quality space was in demand at that time. Where is the majority of development taking place? Why is this area doing well? Most new development is occurring at the U.S. 27/Lake Lansing Road interchange. This area is doing well due to a recent surge in retail development and the availability of land along a highway interchange route. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? The entire market is struggling to some degree. Areas that do see some degree …
What area is your expertise? • I am an associate partner with Hendricks & Partners and a veteran real estate advisor in the Kansas City and Midwest region. After completing my graduate degree in urban planning and working as a city planner, I joined the multifamily housing industry in brokerage. Over the last twenty years, I have connected the buyers and sellers of some of Kansas City’s highest profile apartment communities and condo conversions. The Kansas City metropolitan area straddles the border between Missouri and Kansas encompassing a 15-county Metropolitan Statistical Area, anchored by Kansas City, Missouri and Overland Park (Johnson County) Kansas. It is the 27th largest metropolitan area in the United States with an estimated population of 2.1 million. What trends do you see presently in multifamily development in your area? The Kansas City apartment market begins 2008 in relative market equilibrium with sound market economic fundamentals and supply in check. The downtown urban living trend gained significant momentum in 2007 with the opening of the Sprint Arena and the Power & Light District, a dynamic nine-city block mixed-use retail, entertainment, office, and loft district. In 2007, downtown had an estimated population of 17,000 people, which is up …
What area is your expertise? • Retail services in Northeast Ohio What trends do you see presently in retail development in your area? • The current trend across the board is an increase in environmental awareness. Developers selecting sustainable sites, retailers constructing LEED buildings, and city and county governments working together to minimize the negative impacts on the environment while maximizing existing infrastructure. What type of retail product is doing well in your area? • Power centers, grocery anchored shopping centers and convenient strip centers. What retailers are new to your area? • Menards, Massage Envy, Five Guys Famous Burgers and Fries and a Cabela’s are expected. Who are the active retail developers in your area? • First Interstate Properties, Liberty Development Group, Snider-Cannata and Centro Properties. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • The redevelopment of Westgate Mall in Fairview Park is the first redevelopment of an enclosed regional mall in Northeast Ohio into a lifestyle and power center. Centro Properties, in partnership with the Richard E. Jacobs Group, redeveloped the property. The center is anchored by Target, Lowe’s Home Improvement Warehouse and Kohl’s. Additional …
What area is your expertise? • I specialize in landlord representation, building sales and tenant representation in the Indianapolis and surrounding Central Indiana region. What trends do you see presently in office development in your area? • Medical space has developed at a very rapid pace, single-story garden office space has been prevalent and new Class A space with Interstate 465 frontage and signage has been very successful in new lease-up. Who are the active office developers in your area? • In addition to Duke Realty and Lauth Property Group, who have developed the most office product over the last 5 years, Shamrock Builders, Opus, Panattoni Development Co., J. Greg Allen Builder and Edgeworth Laskey Properties are all currently active. Please name new significant office developments in your area. What impact will these projects have on the market? • The Northwest submarket is undergoing growth with over 300,000 square feet of new construction underway which includes Duke Realty’s 154,000-square-foot Woodland Corporate Park VI and Lauth’s 151,000-square-foot Intech Three. The North/Carmel submarket currently has four multi-tenant projects underway totaling 200,000 square feet, including Panattoni’s 142,000-square-foot project at 1320 City Center Drive. Edgeworth Laskey Properties is currently building the 151,000-square-foot Lake Point …