The one thing about a real estate recovery is it never has a defining moment which signals the top, building slowly, much like the buildings themselves—one brick of good news after the other.
Unlike when things fall apart, you normally get one or maybe two cataclysmic events that bring down a commercial real estate market. So far, the current commercial real estate recovery, which some say started during the fourth quarter of 2011, has been building momentum, to the point where the most sought after real estate expert is a construction manager/project manager (especially in Multifamily construction).
Now this doesn’t mean that every sector of commercial real estate in every market is experiencing phenomenal growth, but as far as Naperville is concerned, we have seen some very positive growth in commercial real estate development since the 2008 crash.
Christine D. Jeffries, President of the Naperville Development Partnership, sees that the recovery is well underway. And with every recovery, how it happens is slightly different.
With this one, of note, office buildings that are flexible—with open collaborative space and less walls, taking advantage of Naperville’s tech and professional workforce— are doing well. Christine also stated that not only are industrial users expanding, so are hospitality users like the new Embassy Suites and Conference Center at I-88 and Freedom Commons and planned Hotel Indigo in downtown. Retail users in downtown have seen even more success, with a recent youth orientation.
Kevin Coyne, Naperville Planning and Zoning Commissioner as well as local attorney, said that at the Planning Level he has seen many notable projects in development, like the Iron Gate Auto Condominium, Top Golf (Indoor Virtual Golf and Driving Range), Mariano’s on 75th and Naper Blvd., and Empire @ Ballydoyle. Planning and Zoning has been very busy over the last 18 to 24 months in a number of different sectors.
All this development and expansion is exciting. You know you are in a great place when you see more developments that focus on discretionary income users, not just necessary durable goods. And with a solid base, Naperville is positioned for years of success.
