The 2019 State of the Market Report
We are pleased to present you with the inaugural edition of our annual State of the Market report. This report includes a comprehensive commercial real estate overview of all the markets we’re honored to serve - Northern Indiana, Central Indiana and West Michigan. Focusing on the industrial, retail, office, and multifamily sectors, our report highlights national market trends and forecasts what we expect to see for the remainder of 2019.
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Regional overviews in the report include the following:
West Michigan, formerly known as a furniture manufacturing mecca, is now one of the most diverse regions in the state. The manufacturing, information technology (IT), life sciences, aerospace and defense, and food processing industries are the main sectors driving the growth of the region. Population growth, combined with new retail, hotel, and restaurant developments, continue to attract investments into the area, while ongoing economic development projects are anticipated to continue to boost tourism.
NORTH CENTRAL INDIANA
Home to South Bend, the fourth largest city in Indiana, and neighboring Mishawaka, which boasts the second largest retail center in the state, this region is seeing an increased demand for more modern buildings which could lead to new developments at available land sites. The construction of several new mixed-use developments in different downtown markets is bringing new retail space into the area.
Located in the Northeast region of the state, Fort Wayne, is the second largest city in Indiana and offers a robust economy to meet the needs of new and existing businesses. Additionally, Warsaw is known as the “Orthopedic Capital of the World,” and has nearly one-third of the $38 billion global orthopedic industry headquartered within the area. With expansions and growth in the industrial market in both Fort Wayne and Warsaw, these markets are mirroring national trends and boast some of the lowest vacancy rates in the country.
While it’s known for its steel production, with 25% of the nation’s steel produced in the region, companies are attracted to Northwest Indiana due to its close proximity to major markets, reasonable commercial space, and its skilled workforce. Due to its appeal, several technologically advanced projects and an enhancement in South Shore Line rail system are underway that will help propel the region into the future.
Indianapolis, the 14th largest city in the U.S., is the economic heart of the region and home to numerous conventions, professional sports teams, and world-class organizations. This region is expected to continue growing with new developments in all lines of business. Communities located along interstate highways, like Greenwood, Franklin, Whitestown, will especially benefit due to available land and available labor force.