Economic Climate Report - Housing and Real Estate

Date: 
March 9, 2009

Commercial development is a key part of any community.  It is certainly a big part of our region.  Everywhere you turn there are projects underway.  This recession has caused some to slow or be scaled back, but the bottom line is projects are still underway.  Keeping up the development of our region is a must especially if we hope to attract to new residents, entrepreneurs and new businesses.
People pay close attention to what a community looks like and what has to offer their families when deciding whether or not to relocate.   Businesses pay attention to those issues too because after all, they need to attract employees.  A more desirable location makes employee retraction and retention a whole lot easier.  
There are several projects underway right now that will be great additions to our community.  These are just a few:
• The General Wayne A Downing Airport expansion
• The Peoria Zoo
• The Build the Block project
• OSF’s Milestone Project
• UIC Cancer Research Center
• Bradley University
• Methodist Hospital
 The development industry encompasses is more than just new commercial construction.  The recession has caused many businesses to close and that means we are seeing an increase in vacant buildings.  While an empty building is bad for tax base, a good supply of open facilities allows people to move around.  Luckily we don’t usually see spaces (whether commercial or residential) sit on the market for a long period of time.
We talked with some development leaders in the region from Horan Construction, Cullinan Properties and the Kim Group Commercial Realtors to find out what they had to say.

Dr. Joshua Lewer:

 

Diane Cullinan Oberhelman:

 

Susan Arnholt:

 

Katie Arnholt Kim: