Commercial Focus
Jun. 12, 2014

Led by Multifamily, improvement seen in all commercial real estate sectors
National Association of Realtors®
The outlook for all of the major commercial real estate sectors is slightly improving despite disappointing economic growth during the first quarter of 2014, according to the National Association of Realtors® quarterly commercial real estate forecast. Lawrence Yun, NAR chief economist, said the sluggish growth experienced in the first quarter is not indicative of the actual health of the economy. “Gross Domestic Product should expand closer to 3 percent for the remainder of the year."More

Responsible Property Transfer Law repealed by General Assembly
Indiana Association of REALTORS®
HEA 1005, enacted by the 2014 Indiana General Assembly, is an omnibus government regulation reduction bill that included, among other things, the repeal of the long-standing Responsible Property Transfer Law (RPTL). As many commercial brokers are already aware, the RPTL requires a transferor of certain types of property to disclose any environmental defect and the presence of any environmental restrictive covenant to all parties involved in a transaction. Corresponding paperwork is also required to be submitted to the Indiana Department of Environmental Management.More

Former restaurateur Peter George partnering on small new eatery
Indianapolis Business Journal
Peter George — once one of the city’s most prominent restaurateurs — is returning to the local culinary scene following a roughly 10-year absence. This time, it’s on a smaller scale than when he operated a trio of eateries that slipped into bankruptcy and closed in 2003.More

Adding value to office space
Realtor Magazine
Commercial real estate practitioners know that in order to make the sale, they’ve got to create an ironclad value proposition for every property. It’s just not about falling in love with the space. “Commercial is all about numbers,” National Association of REALTORS® Chief Economist Lawrence Yun told the audience at the Commercial Economic Issues & Trends Forum at this month’s REALTOR® Party Convention & Trade Expo in Washington, D.C. He added that commercial clients “are not emotional; they are dispassionate.” More

A needed overall look at Indiana's tax structure
Indiana has made great progress in recent years in making itself more business-friendly by simplifying its fiscal policies and cutting some of the more onerous taxes. What it hasn’t done yet is take an uncompromising, comprehensive look at the whole tax structure instead of making piecemeal changes on an irregular basis. More

Fishers okays tax break for medical building
Indianapolis Business Journal
Fishers Town Council will phase in property taxes on an $11 million medical office building planned for Interstate 69’s Exit 210 — a largely retail area near two hospitals that officials hoped would spur med-tech development. Indianapolis-based Cornerstone Cos. could break ground this year on the three-story, 43,000-square-foot building, expected to be largely owned by the doctors who practice there. More

Commercial real estate steady: Fed
Credit Union Times
In most of the 12 Federal Reserve Districts, commercial real estate activity has been steady to strong so far this year. The Fed’s analysis was prepared at the Federal Reserve Bank of New York and was based on information collected on or before May 23.More

Northwest Indiana: The ability to get things done
Real Estate Journals
Lori Tubbs, president at Commercial Advantage/JCF Real Estate – a real estate company with offices in Chicago and Merrillville, Indiana – says that the industrial market in Northwest Indiana is like a set of stairs: it’s moved steadily up since the glum days of the Great Recession. Part of the reason? It’s easier to get commercial deals closed here, whether for industrial projects or any other, Tubbs said.More

Peapod sees Indianapolis as big growth market
Indianapolis Business Journal
Peapod Inc. has discovered fertile ground in Indianapolis despite a crowded field of grocery competitors, said Scott DeGraeve, senior vice president at the country’s oldest and biggest online grocery-delivery service. That is why the Chicago-based company wants to open a 50,000-square-foot local distribution center that could employ up to 238 employees over the next four years and make central Indiana one of the company’s bigger markets. More

YMCA set to break ground on $22 million CityWay project
Indianapolis Business Journal
The YMCA of Greater Indianapolis plans to break ground next month on a $22 million facility in the CityWay development. Trustees of the not-for-profit in May gave their approval to start the project July 16, after the YMCA cleared a $17 million fundraising benchmark necessary to trigger construction. The organization will raise the rest as building proceeds. More