Office Midwest
Big split between suburban and urban office market?

Big split between suburban and urban office market?

The office sector throughout the Midwest is steady these days, with moderate vacancy rates in most markets. But that doesn’t mean that the sector is stronger in certain areas than in others. In many of the Midwest’s biggest markets, the office sector is performing far stronger in the suburbs than in the city, despite the headlines trumpeting the return of jobs and workers to the urban centers of communities.

CRE Midwest
The Somerset Collection in the Detroit suburb of Troy, Michigan, is an example of a suburban mall that is thriving today.

When it comes to commercial real estate, the suburbs matter, too

At a time when downtowns and urban cores in cities across the Midwest and the nation are making a comeback, and redevelopment continues to reenergize and revitalize high-profile civic centers, it’s easy to lose sight of the fact that cities do not exist in a vacuum. The suburbs play an important role in shaping the commercial and professional landscape of major metro centers.

CRE Midwest
Urban centers, such as Chicago’s Loop, are seeing their populations steadily grow, according to the Urban Land Institute’s latest research.

The numbers show it: Jobs, people flocking to big cities

Developers haven’t been shy about building luxury apartments in the centers of dense urban areas. Retailers are building distribution centers and warehouses closer to the center of these same big cities. And restaurateurs? When they want to make a big splash, they open in a downtown neighborhood. Why? It’s because urban areas are booming today.

Finance Midwest
Multifamily continues to fuel the commercial finance business.

Berkadia's Callaghan: Workforce apartment units still scarce

Like all commercial financing professionals today, Colin Callaghan, senior managing director with the Southfield, Michigan, office of Berkadia, is keeping a close watch on the multifamily market. That’s because the requests for financing from developers and investors eager to play in this sector are still coming at a rapid clip. But there’s a trend with all those requests for multifamily construction financing: Developers are hoping to build luxury apartments, not those catering to renters with more modest incomes.

CRE Midwest
Hall of Fame profile: JLL's Jake Sturman

Hall of Fame profile: JLL's Jake Sturman

Each year, Midwest Real Estate News runs its Midwest Commercial Real Estate Hall of Fame edition, highlighting the careers of the top CRE pros in the industry. This year, we are also running these profiles online. Today, we look at the thriving career of Jake Sturman, managing director with the Indianapolis office of JLL.