Northwest Indiana’s economy is dynamic and diverse – with industries of all kinds vying for land and office space throughout the Region. 2023 was no different, with new businesses breaking ground, markets shifting by percentages, and unique challenges and trends emerging in real estate across the area.
Latitude Commercial just released its 2023 Annual Report, which shows the data, analyzes those trends, and offers insights on how the market might move. The report is comprehensive, diving deep into each of the retail, office, industrial, and investment spaces – led by a letter from Aaron McDermott, CCIM LEED GA, co-founder and president of Latitude Commercial.
“We believe the report serves as a valuable resource for stakeholders within the commercial real estate industry around our area and for those looking to invest in our market,” he said. “The report provides them with comprehensive insights and analysis of market rates, vacancy trends, and possible opportunities.”
The report brings to the forefront data that developers and business owners rely on to make smart decisions. McDermott noted how the report’s data highlights opportunity in the industrial market, for example.
“We were seeing a consistent increase in demand for industrial space, and the availability of properties was stagnant,” he said. “Now, we have 2.4 million square feet of speculative industrial space on the market. At no time has Northwest Indiana had so much speculative industrial property delivered to the market in this short of a period.”
The report also offers reflections on how national matters have impacted the local market. Its pages offer commentary on topics ranging from the Federal Reserve’s interest rates, steady unemployment rates, to the upcoming election.
While McDermott knows the importance of the report to the community, he also emphasized its importance to Latitude Commercial and its clients.
“It’s crucial for our own self-reflection,” he said. “It allows us to step back from daily tasks, validate market assumptions, and ensure our strategies to clients are backed by solid data. By analyzing the data points in reports like this, we can proactively position our team and clients to capitalize on those opportunities.”
The Latitude team is already putting the report’s insights to work, helping clients whether they are looking to buy, sell, lease, or have their property managed.
“We can utilize the data to identify areas of growth, maximize rent for landlords, and tailor our strategies for new businesses looking to locate within the market,” McDermott said. “The markets have an ebb and flow to them that can usually be forecasted with some predictability.”
It’s a team that’s grown dramatically in recent years, adding talented new brokers and property managers. McDermott believes Latitude is equipped to handle a year that the report notes might be “erratic” in some areas.
“I believe we are well prepared for any kind of fluctuation in the market,” he said. “While welcoming new team members over the past couple of years, we’ve prioritized onboarding processes, training programs, and collaboration to ensure everyone is aligned with our objective to provide clients with exceptional service.”
To learn more about Latitude Commercial and to read the 2023 Annual Report, visit latitudeco.com/market-reports.