Pinning Down Data on Quickly Shifting Industrial, Office & Retail Markets.
northwest indiana market overview
The Northwest Indiana region continues to benefit from its business-friendly environment and close proximity to the Chicago market. Because of this, the region is seeing a growth in new companies and residents locating in the area. Several cities and towns have begun investing heavily in key areas in hopes of transforming their communities.
Multiple new housing developments are underway that will help balance some of the current housing supply and demand. One of the more noteworthy housing developments in the region is the Luers Tree Farm project along 91st Avenue in Schererville. The development is expected to contain 750 new homes.
As the nation shifts to more live-work-play environments, there’s been a growth in mixed-use developments in the northwest Indiana region. According to the 2017 National Community and Transportation Preference Survey, 62% of millennials, 45% of Gen Xers and baby boomers, and 55% of the silent generation want to live in walkable communities and prefer shorter commutes. Several mixed-use developments are in the works in Valparaiso, LaPorte, Whiting, and Portage that are expected to bring more than 1,000 new residential units, as well as quality new ground-floor retail space to the market.
In addition to housing developments, the region is creating technologically advanced structures that will look to enhance the region well into the future. Purdue University Northwest broke ground in August 2018 on a $40 million, 68,000-square-foot Bioscience Innovation Building. In addition to the new Bioscience Innovation Building, developers broke ground in August 2018 on the new $40 million Indiana NAP Center in Hammond. Phase I of the Indiana NAP Center will encompass a 105,000-square-foot data center, a start-up incubator, a greenhouse and a small solar farm.
To assist with the growth occurring in northwest Indiana, transportation developments are underway that will help bring people in and out of the region. The South Shore’s $764 million West Lake Corridor project is expected to reach high-growth areas in Lake County