Midwest Real Estate News August/September 2014 : Page 1

WWW .REJOURNALS.COM MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN AUG/SEPT 2014 VOLUME 29 ISSUE 10 Directories begin on page 40: THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN Architects, Developers, Finance, Project Construction, Real Estate Law Firms The redevelopment of the Fayette Mall will only add to the popularity of this busy shopping destination. Fayette Mall redevelopment: FEATURE: MULTI-FAMILY Al Isaac: Lexington a market on the rise By Dan Rafter, Managing Editor D The multi-family market slowing down? Not a chance By Dan Rafter, Editor owntown Minneapolis. St. Louis. India-napolis. Downtown Chicago. Ann Arbor, and not just for student housing. The list of Midwest markets in which apartment rents are soaring, vacancies are plummet-ing and new multi-family buildings are rising is a long one. And Sue Blumberg, senior vice president and man-aging director with the Chicago office of NorthMarq Capital, says that multi-family’s hot streak isn’t about to end soon. “When will investor demand for multi-family cool off? When will the construction of new apartment buildings slow? When --not if, but when --interest rates start to hopefully gradually increase,” Blum-berg said. “Only then will it taper off. And it looks like that won’t happen for three to five years.” Blumberg is far from alone in her assessment of the still red-hot multi-family market in the Midwest. Commercial-lending pros across the Midwest agree that investors still consider multi-family the most desirable of commercial sectors. And developers? They’re rushing to build new apartment towers from downtown Chicago to the suburbs of St. Louis and the riverfront of Cleveland. “For investors looking for financing it is an absolute feeding frenzy,” Blumberg said. “It is so competitive right now. Multi-family just couldn’t be more attrac-tive to investors.” MULTI-FAMILY FEATURE (continued on page 14) M idwest Real Estate News recently spoke with Al Isaac, president of Lex-ington’s NAI Isaac. He told us that the Lexington market continues its rapid recovery from the days of the Great Recession. Every sector in the market – with the possible exception of office --he said, is showing steady improvement. Midwest Real Estate News: We know that Lexington is a strong commercial real estate market today. How are the different commercial sectors faring here? Isaac: The retail vacancy rate is just 5.45 percent, which is strong. The neighborhood retail center has seen the most absorption in the last six months. I think that is because of an increase in new business start-ups in the local commu-LEXINGTON FEATURE (continued on page 12)

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