Midwest Real Estate News March 2017 : Page 4

4 | Midwest Real Estate News | MARCH 2017 | www.rejournals.com FEATURES 1 Multifamily finance pros: Boom times continue in apartment market: 16 Diverse mix of industries fueling CRE growth in Milwaukee: 28 Apartment, healthcare markets heating up in Detroit: Pent-up 31 An industrial market like no other? That’s what one CRE vet sees: The multifamily market continues to keep commercial finance veterans busy. Midwest Real Estate News finds out how long the apartment boom will continue and what it means for the commercial real estate industry. Milwaukee boasts a great location, skilled labor force and diverse mix of industries. This is why the city’s commercial real estate market continues to grow. demand. That force is fueling the rising sales, leasing and construction activity in both the multifamily and healthcare sectors in Detroit and its surrounding communities, said David Wilkins, managing director of loan originations with Bloomfield Hills, Michigan-based commercial lender Pillar Financial. Doug Fura, senior vice president in the Southfield, Michigan, office of NAI Farbman, has seen plenty of industrial markets during his long career. Fura, after all, has worked in commercial real estate for more than three decades now. 18 Construction activity soaring throughout Minnesota: Construction 1 Construction outlook: Strong, but with a few challenges: Construction crews are busy in Minnesota, building everything from massive warehouses to rooftop ice rinks. We look at some of the key construction projects in the state today. DEPARTMENTS/COLUMNS 6 30 Editor’s Letter cranes are dotting the centers of cities across the Midwest. But even as building activity soars, construction professionals face the challenges of rising costs and a shortage of skilled labor. 29 Building the 20-minute neighborhood in Detroit: All these new apartments? Brokers with JLL say 22 A new era of downtown high-rise apartments dawning in urban St. that the city’s multifamily boom has already spurred additional retail and office development. As more residents move into the center of the city, Detroit will only grow stronger, said Aaron Moore, a multifamily associate with the Detroit office of JLL. It’s complicated: A real estate market without product types: Try Louis? The challenge in St. Louis’ urban telling a Millennial they can’t play where they work, or work where they live and shop. You won’t get far. The generation that brought us the status of “It’s Complicated” is changing the commercial real estate landscape, challenging traditional definitions of what makes office, industrial, retail, hotel and multifamily developments successful. 14 A hot commercial sector? Data center business continues to boom: core has long been the same: Renters looking for modern, high-rise apartments had no option. That appears to be changing. Microsoft, Oracle and a host of financial firms gobbled up big swaths of space in data centers across the Chicago market in 2016. These users helped make Chicago the third-busiest market for data center activity last year, according to the latest research from JLL. 27 Food businesses keep coming to Chicago: Hickory Farms is the latest INTERVIEWS 24 Colliers’ Tom DeBoer: The good times are back in West Michigan: food business to set up a headquarters in Chicago. What’s behind this trend? Tom DeBoer, senior vice president with the Grand Rapids, Michigan, office of Colliers International, has worked in commercial brokerage for more than 25 years. He’s seen 34 Innovation and technology mitigate impact of rising construction costs: The cost of new development is rising in the Chicago area and across the country, driven in part by increasing labor costs and risk-adverse lenders. On the plus side, construction firms are getting better at using technology and lean processes to save time and money while improving the quality of projects. Think of us for your next Speculative project... Ask us how we can help you incorporate sustainability into your next project! both good times and bad ones in his market of West Michigan. He considers today to be one of the good times in this region. 26 Luxury amenities boosting occupancy rates in office properties: Helenia Madrigal knows how important amenities can be for office building owners who want to attract and retain the best tenants to their properties. She is the director of interiors for Chicago-based general contractor Summit Design + Build, and has found one truth: Offices that offer the best amenities tend to see their vacancy rates plummet. 36 Directory Listings UNDER CONSTRUCTION... 1200 Schmidt Road Romeoville, IL -271,700 SF ARCHITECT: Ware Malcomb CIVIL ENGINEER: Jacob & Hefner Associates DESIGN BUILD · GENERAL CONTRACTING CONSTRUCTION MANAGEMENT Please contact us for any upcoming project needs! 847.374.9200 · www.meridiandb.com

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